Event risk before this expiration:FOMC decision Wed, Oct 28 · 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 — 35 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)AR open contracts per strike for Fri, Jan 15.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 36.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.89
-0.01
33
0.0254
0.04
-0.01
-0.11
0.86
-0.01
34
0.0305
0.04
-0.01
-0.14
0.82
-0.01
35
0.0359
0.05
-0.01
-0.18
0.78
-0.01
36
0.0411
0.06
-0.01
-0.22
0.73
-0.01
37
0.0460
0.06
-0.01
-0.27
0.68
-0.01
38
0.0500
0.07
-0.01
-0.32
0.63
-0.02
39
0.0531
0.07
-0.02
-0.38
0.57
-0.02
40
0.0550
0.08
-0.02
-0.43
0.52
-0.02
41
0.0558
0.08
-0.02
-0.49
0.46
-0.02
42
0.0554
0.08
-0.02
-0.55
0.41
-0.02
43
0.0540
0.07
-0.02
-0.60
0.36
-0.02
44
0.0518
0.07
-0.02
-0.65
0.32
-0.01
45
0.0491
0.07
-0.02
-0.70
0.28
-0.01
46
0.0458
0.07
-0.01
-0.74
0.24
-0.01
47
0.0424
0.06
-0.01
-0.78
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 33 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.