■ 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 — 340 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)AXP open contracts per strike for Fri, Sep 4.
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, Sep 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 4
— call IV— put IVATM ≈ 22.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 4
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, Sep 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.09
315
0.0095
0.07
-0.10
-0.07
0.91
-0.12
317.5
0.0122
0.08
-0.12
-0.09
0.88
-0.14
320
0.0156
0.10
-0.15
-0.12
0.84
-0.17
322.5
0.0196
0.12
-0.18
-0.16
0.80
-0.20
325
0.0241
0.14
-0.21
-0.21
0.73
-0.23
327.5
0.0286
0.16
-0.24
-0.27
0.66
-0.26
330
0.0326
0.18
-0.26
-0.34
0.57
-0.28
332.5
0.0353
0.19
-0.28
-0.43
0.48
-0.28
335
0.0361
0.20
-0.28
-0.52
0.40
-0.27
337.5
0.0348
0.19
-0.27
-0.61
0.32
-0.25
340
0.0318
0.18
-0.25
-0.69
0.25
-0.22
342.5
0.0278
0.16
-0.22
-0.76
0.19
-0.19
345
0.0234
0.14
-0.19
-0.82
0.14
-0.16
347.5
0.0191
0.11
-0.16
-0.86
0.11
-0.14
350
0.0154
0.09
-0.13
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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.