■ 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 — 390 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)BAP open contracts per strike for Fri, Feb 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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 36.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.05
290
0.0020
0.60
-0.06
-0.14
0.84
-0.05
300
0.0023
0.67
-0.07
-0.17
0.78
-0.07
320
0.0029
0.80
-0.08
-0.23
0.75
-0.07
330
0.0031
0.86
-0.09
-0.26
0.71
-0.08
340
0.0034
0.92
-0.09
-0.30
0.68
-0.09
350
0.0036
0.97
-0.10
-0.33
0.64
-0.09
360
0.0038
1.01
-0.10
-0.37
0.60
-0.09
370
0.0039
1.04
-0.10
-0.42
0.56
-0.10
380
0.0040
1.06
-0.10
-0.46
0.52
-0.10
390
0.0041
1.07
-0.10
-0.50
0.33
-0.09
440
0.0038
0.98
-0.09
-0.70
0.22
-0.07
480
0.0031
0.80
-0.07
-0.84
0.19
-0.07
490
0.0029
0.74
-0.07
-0.87
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 14 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.