■ 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 — 215 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)BA open contracts per strike for Fri, Sep 25.
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 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 29.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.02
180
0.0038
0.05
-0.03
-0.03
0.95
-0.03
185
0.0057
0.07
-0.03
-0.05
0.91
-0.04
190
0.0086
0.10
-0.05
-0.09
0.86
-0.06
195
0.0124
0.14
-0.07
-0.14
0.78
-0.09
200
0.0164
0.18
-0.09
-0.22
0.69
-0.10
205
0.0198
0.21
-0.10
-0.31
0.58
-0.11
210
0.0221
0.24
-0.12
-0.42
0.47
-0.12
215
0.0227
0.24
-0.12
-0.54
0.36
-0.11
220
0.0215
0.23
-0.11
-0.65
0.27
-0.10
225
0.0188
0.20
-0.10
-0.75
0.19
-0.08
230
0.0154
0.17
-0.08
-0.83
0.13
-0.06
235
0.0119
0.13
-0.07
-0.89
0.09
-0.05
240
0.0089
0.10
-0.05
-0.94
0.06
-0.04
245
0.0066
0.08
-0.05
-0.97
0.05
-0.03
250
0.0049
0.06
-0.04
-0.99
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 28 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.