■ 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 — 40 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)B 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 ≈ 41.2% · 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
0.92
-0.02
37
0.0380
0.01
-0.02
-0.09
0.88
-0.02
38
0.0540
0.02
-0.03
-0.14
0.81
-0.03
39
0.0725
0.03
-0.03
-0.20
0.77
-0.04
39.5
0.0818
0.03
-0.04
-0.24
0.73
-0.04
40
0.0903
0.03
-0.04
-0.28
0.68
-0.04
40.5
0.0976
0.03
-0.04
-0.33
0.63
-0.04
41
0.1032
0.03
-0.04
-0.38
0.52
-0.05
42
0.1076
0.04
-0.04
-0.48
0.47
-0.05
42.5
0.1065
0.04
-0.04
-0.54
0.42
-0.04
43
0.1035
0.04
-0.04
-0.59
0.33
-0.04
44
0.0931
0.03
-0.04
-0.68
0.25
-0.04
45
0.0798
0.03
-0.04
-0.75
0.19
-0.03
46
0.0662
0.03
-0.03
-0.81
0.15
-0.03
47
0.0538
0.02
-0.03
-0.85
0.11
-0.02
48
0.0431
0.02
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.