■ 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 — 55 — is the max pain price.
Open interest by strike · Fri, Dec 15
■ calls (up)■ puts (down)ARWR open contracts per strike for Fri, Dec 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, Dec 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 15
— call IV— put IVATM ≈ 56.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
0.00
40
0.0019
0.20
-0.01
-0.09
0.90
-0.00
42.5
0.0021
0.22
-0.01
-0.10
0.85
-0.01
55
0.0029
0.30
-0.01
-0.15
0.83
-0.01
60
0.0032
0.33
-0.01
-0.18
0.80
-0.01
65
0.0036
0.36
-0.01
-0.20
0.73
-0.01
80
0.0043
0.43
-0.01
-0.28
0.70
-0.01
87.5
0.0046
0.45
-0.01
-0.32
0.69
-0.01
90
0.0047
0.46
-0.01
-0.34
0.66
-0.01
95
0.0049
0.47
-0.01
-0.36
0.64
-0.01
100
0.0050
0.48
-0.01
-0.39
0.54
-0.01
125
0.0054
0.52
-0.01
-0.52
0.52
-0.01
130
0.0055
0.52
-0.01
-0.55
0.48
-0.01
140
0.0055
0.52
-0.01
-0.60
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.