■ put-side pain■ call-side painTotal payout option writers would owe at each settle price (both sides, all open interest, ×100 shares) — low settles hurt put writers, high settles hurt call writers. The minimum — 12.5 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)ALM open contracts per strike for Fri, Sep 18.
Open-interest change — building vs unwinding
Needs two observed snapshot days for this expiration — the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 97.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 18
Net dealer gamma per strike, in dollars per 1% move, assuming the standard convention (dealers long calls, short puts) — an assumption, not an observation. Above the amber flip level hedging tends to dampen moves; below it, to amplify them.
Greeks by strike · Fri, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
2.5
0.0019
0.00
-0.00
-0.01
0.98
-0.00
5
0.0056
0.00
-0.00
-0.01
0.96
-0.01
7.5
0.0167
0.00
-0.01
-0.04
0.88
-0.01
10
0.0452
0.01
-0.01
-0.12
0.69
-0.02
12.5
0.0887
0.01
-0.02
-0.30
0.45
-0.02
15
0.0960
0.02
-0.02
-0.54
0.29
-0.02
17.5
0.0757
0.01
-0.02
-0.71
0.19
-0.02
20
0.0560
0.01
-0.02
-0.80
0.14
-0.01
22.5
0.0417
0.01
-0.01
-0.86
0.10
-0.01
25
0.0317
0.01
-0.01
-0.90
0.06
-0.01
30
0.0195
0.01
-0.01
-0.94
0.04
-0.01
35
0.0128
0.00
-0.00
-0.96
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.