Max pain is not shown: without its single heaviest strike it moves 10.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 10.7% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)BBWI open contracts per strike for Fri, Jan 15.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 57.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
5
0.0004
0.00
-0.00
-0.01
1.00
—
7.5
0.0012
0.00
-0.00
-0.01
0.99
-0.00
10
0.0034
0.00
-0.00
-0.02
0.98
-0.00
12.5
0.0084
0.01
-0.00
-0.03
0.94
-0.01
15
0.0178
0.01
-0.01
-0.06
0.88
-0.01
17.5
0.0324
0.02
-0.01
-0.13
0.76
-0.01
20
0.0507
0.03
-0.01
-0.24
0.60
-0.01
22.5
0.0648
0.04
-0.01
-0.40
0.44
-0.02
25
0.0666
0.04
-0.02
-0.56
0.31
-0.01
27.5
0.0585
0.04
-0.01
-0.70
0.21
-0.01
30
0.0466
0.03
-0.01
-0.81
0.14
-0.01
32.5
0.0351
0.02
-0.01
-0.88
0.09
-0.01
35
0.0256
0.02
-0.01
-0.93
0.06
-0.01
37.5
0.0184
0.01
-0.00
-0.96
0.04
-0.00
40
0.0131
0.01
-0.00
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 21 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.