■ 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 — 124 — is the max pain price.
Open interest by strike · Fri, Aug 28
■ calls (up)■ puts (down)ARES open contracts per strike for Fri, Aug 28.
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, Aug 28
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 28
— call IV— put IVATM ≈ 41.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 28
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, Aug 28
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.12
140
0.0224
0.09
-0.13
-0.21
0.74
-0.13
142
0.0258
0.10
-0.14
-0.26
0.72
-0.14
143
0.0275
0.10
-0.14
-0.28
0.66
-0.14
145
0.0307
0.11
-0.14
-0.34
0.63
-0.15
146
0.0321
0.11
-0.15
-0.37
0.60
-0.15
147
0.0333
0.12
-0.15
-0.40
0.56
-0.15
148
0.0343
0.12
-0.15
-0.43
0.53
-0.15
149
0.0349
0.12
-0.15
-0.47
0.49
-0.15
150
0.0351
0.12
-0.15
-0.50
0.22
-0.12
160
0.0237
0.09
-0.12
-0.78
0.14
-0.10
165
0.0170
0.07
-0.09
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 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.