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 — 3200 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)AZO open contracts per strike for Fri, Jan 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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 32.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.84
-0.58
2480
0.0005
3.53
-0.67
-0.16
0.84
-0.60
2500
0.0005
3.67
-0.69
-0.17
0.78
-0.73
2600
0.0006
4.37
-0.80
-0.22
0.72
-0.84
2700
0.0007
5.00
-0.90
-0.29
0.68
-0.88
2750
0.0007
5.28
-0.94
-0.33
0.64
-0.92
2800
0.0008
5.51
-0.97
-0.37
0.60
-0.95
2850
0.0008
5.68
-1.00
-0.41
0.56
-0.97
2900
0.0008
5.80
-1.02
-0.45
0.52
-0.98
2950
0.0008
5.86
-1.03
-0.49
0.48
-0.98
3000
0.0008
5.86
-1.02
-0.54
0.44
-0.98
3050
0.0008
5.80
-1.01
-0.58
0.40
-0.96
3100
0.0008
5.69
-0.99
-0.62
0.36
-0.94
3150
0.0008
5.53
-0.97
-0.66
0.33
-0.91
3200
0.0008
5.34
-0.94
-0.69
0.30
-0.87
3250
0.0007
5.11
-0.90
-0.73
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 55 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.