■ 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 — 300 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ASR 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 ≈ 30.0% · 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
0.95
-0.04
170
0.0013
0.17
-0.04
-0.06
0.94
-0.04
180
0.0016
0.21
-0.04
-0.07
0.90
-0.05
200
0.0026
0.28
-0.05
-0.10
0.85
-0.06
220
0.0040
0.38
-0.06
-0.16
0.69
-0.07
250
0.0069
0.55
-0.08
-0.32
0.62
-0.07
260
0.0078
0.60
-0.08
-0.40
0.54
-0.07
270
0.0084
0.62
-0.08
-0.49
0.46
-0.07
280
0.0085
0.62
-0.08
-0.58
0.38
-0.07
290
0.0081
0.60
-0.08
-0.66
0.32
-0.07
300
0.0074
0.56
-0.08
-0.74
0.26
-0.06
310
0.0066
0.51
-0.08
-0.80
0.22
-0.06
320
0.0058
0.47
-0.07
-0.85
0.19
-0.06
330
0.0051
0.42
-0.07
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 15 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.