Event risk before this expiration: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 — 75 — is the max pain price.
Open interest by strike · Thu, Jun 17
■ calls (up)■ puts (down)BAH open contracts per strike for Thu, Jun 17.
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 · Thu, Jun 17
Implied volatility by strike · Thu, Jun 17
— call IV— put IVATM ≈ 39.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Jun 17
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 · Thu, Jun 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.00
55
0.0046
0.08
-0.01
-0.07
0.90
-0.01
60
0.0058
0.11
-0.01
-0.10
0.86
-0.01
65
0.0076
0.14
-0.01
-0.14
0.81
-0.01
70
0.0096
0.18
-0.02
-0.19
0.75
-0.02
75
0.0114
0.21
-0.02
-0.25
0.68
-0.02
80
0.0129
0.24
-0.02
-0.32
0.61
-0.02
85
0.0141
0.26
-0.02
-0.39
0.54
-0.02
90
0.0148
0.27
-0.02
-0.46
0.47
-0.02
95
0.0150
0.27
-0.02
-0.54
0.40
-0.02
100
0.0147
0.26
-0.02
-0.61
0.34
-0.02
105
0.0140
0.25
-0.02
-0.67
0.28
-0.02
110
0.0130
0.23
-0.01
-0.73
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 13 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.