■ 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 — 90 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)AU open contracts per strike for Fri, May 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 57.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.02
80
0.0044
0.24
-0.03
-0.16
0.80
-0.03
85
0.0050
0.26
-0.03
-0.19
0.76
-0.03
90
0.0055
0.29
-0.03
-0.23
0.73
-0.03
95
0.0059
0.31
-0.03
-0.26
0.69
-0.03
100
0.0063
0.33
-0.04
-0.30
0.66
-0.04
105
0.0066
0.35
-0.04
-0.33
0.62
-0.04
110
0.0068
0.36
-0.04
-0.37
0.59
-0.04
115
0.0070
0.37
-0.04
-0.41
0.56
-0.04
120
0.0071
0.38
-0.04
-0.44
0.49
-0.04
130
0.0071
0.38
-0.04
-0.51
0.36
-0.04
155
0.0066
0.36
-0.04
-0.65
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 13 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.