■ 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 — 70 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)ARWR open contracts per strike for Fri, Jan 21.
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 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 56.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.01
67.5
0.0049
0.30
-0.02
-0.23
0.76
-0.01
70
0.0051
0.31
-0.02
-0.24
0.75
-0.01
72.5
0.0053
0.33
-0.02
-0.26
0.73
-0.01
75
0.0055
0.34
-0.02
-0.28
0.72
-0.01
77.5
0.0057
0.34
-0.02
-0.29
0.70
-0.01
80
0.0058
0.35
-0.02
-0.31
0.68
-0.02
82.5
0.0060
0.36
-0.02
-0.33
0.67
-0.02
85
0.0061
0.37
-0.02
-0.34
0.65
-0.02
87.5
0.0063
0.38
-0.02
-0.36
0.64
-0.02
90
0.0064
0.38
-0.02
-0.38
0.61
-0.02
95
0.0066
0.39
-0.02
-0.41
0.58
-0.02
100
0.0067
0.40
-0.02
-0.45
0.55
-0.02
105
0.0068
0.41
-0.02
-0.48
0.52
-0.02
110
0.0069
0.41
-0.02
-0.51
0.49
-0.02
115
0.0069
0.41
-0.02
-0.54
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 36 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.