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, Mar 19
■ calls (up)■ puts (down)AZO open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 33.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.46
2500
0.0004
5.33
-0.59
-0.20
0.75
-0.54
2600
0.0005
6.02
-0.65
-0.25
0.73
-0.58
2650
0.0005
6.34
-0.68
-0.28
0.70
-0.61
2700
0.0005
6.63
-0.71
-0.31
0.67
-0.65
2750
0.0006
6.89
-0.73
-0.34
0.64
-0.67
2800
0.0006
7.11
-0.75
-0.37
0.61
-0.69
2850
0.0006
7.30
-0.76
-0.40
0.58
-0.71
2900
0.0006
7.43
-0.77
-0.44
0.55
-0.73
2950
0.0006
7.53
-0.78
-0.47
0.54
-0.73
2960
0.0006
7.54
-0.78
-0.48
0.53
-0.73
2980
0.0006
7.56
-0.78
-0.49
0.52
-0.73
3000
0.0006
7.58
-0.78
-0.50
0.51
-0.74
3010
0.0006
7.58
-0.78
-0.51
0.49
-0.74
3050
0.0006
7.58
-0.78
-0.54
0.47
-0.74
3070
0.0006
7.57
-0.78
-0.55
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.