Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 3500 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)AZO 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 ≈ 33.9% · 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
0.89
-0.59
2440
0.0004
2.36
-0.65
-0.11
0.88
-0.62
2460
0.0004
2.48
-0.68
-0.12
0.87
-0.65
2480
0.0005
2.61
-0.71
-0.13
0.86
-0.68
2500
0.0005
2.74
-0.74
-0.14
0.81
-0.84
2600
0.0006
3.41
-0.90
-0.20
0.73
-0.99
2700
0.0008
4.07
-1.04
-0.27
0.65
-1.11
2800
0.0009
4.59
-1.15
-0.36
0.55
-1.17
2900
0.0010
4.88
-1.21
-0.46
0.45
-1.17
3000
0.0010
4.88
-1.21
-0.56
0.40
-1.15
3050
0.0010
4.78
-1.19
-0.61
0.36
-1.11
3100
0.0009
4.61
-1.15
-0.66
0.32
-1.06
3150
0.0009
4.40
-1.11
-0.70
0.28
-1.01
3200
0.0008
4.16
-1.06
-0.74
0.25
-0.95
3250
0.0008
3.90
-1.00
-0.78
0.21
-0.89
3300
0.0007
3.62
-0.94
-0.81
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.