■ 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 — 19 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)ALMU 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 ≈ 124.1% · 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
0.96
-0.01
9
0.0094
0.01
-0.01
-0.04
0.92
-0.02
11
0.0182
0.01
-0.02
-0.08
0.87
-0.02
12.5
0.0266
0.01
-0.02
-0.13
0.81
-0.03
14
0.0352
0.02
-0.03
-0.19
0.76
-0.03
15
0.0406
0.02
-0.03
-0.23
0.71
-0.04
16
0.0452
0.02
-0.04
-0.29
0.63
-0.04
17.5
0.0506
0.02
-0.04
-0.36
0.55
-0.04
19
0.0535
0.02
-0.04
-0.45
0.50
-0.04
20
0.0543
0.02
-0.04
-0.50
0.38
-0.04
22.5
0.0524
0.02
-0.04
-0.62
0.28
-0.04
25
0.0468
0.02
-0.04
-0.71
0.15
-0.02
30
0.0321
0.01
-0.02
-0.85
0.07
-0.01
35
0.0195
0.01
-0.01
-0.93
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 14 are in the CSV. 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.