Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 180 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ANET open contracts per strike for Fri, Dec 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 53.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.07
150
0.0050
0.14
-0.08
-0.13
0.84
-0.09
155
0.0059
0.17
-0.09
-0.16
0.81
-0.10
160
0.0068
0.19
-0.10
-0.19
0.77
-0.11
165
0.0077
0.22
-0.12
-0.23
0.72
-0.12
170
0.0085
0.24
-0.13
-0.28
0.68
-0.13
175
0.0092
0.25
-0.13
-0.33
0.63
-0.14
180
0.0098
0.27
-0.14
-0.38
0.58
-0.14
185
0.0102
0.28
-0.14
-0.43
0.53
-0.14
190
0.0104
0.28
-0.15
-0.48
0.47
-0.14
195
0.0104
0.28
-0.14
-0.53
0.42
-0.14
200
0.0103
0.28
-0.14
-0.58
0.33
-0.13
210
0.0096
0.26
-0.13
-0.68
0.26
-0.12
220
0.0085
0.23
-0.12
-0.76
0.19
-0.10
230
0.0072
0.19
-0.10
-0.82
0.14
-0.08
240
0.0058
0.16
-0.08
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 40 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.