■ 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 — 9 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)BDRY open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 43.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.01
6
0.0126
0.01
-0.01
-0.05
0.92
-0.01
8
0.0231
0.01
-0.01
-0.08
0.90
-0.01
9
0.0312
0.01
-0.01
-0.10
0.87
-0.01
10
0.0422
0.01
-0.01
-0.13
0.82
-0.01
11
0.0572
0.02
-0.01
-0.17
0.76
-0.01
12
0.0769
0.02
-0.01
-0.23
0.68
-0.01
13
0.0996
0.03
-0.01
-0.32
0.56
-0.01
14
0.1166
0.03
-0.01
-0.42
0.45
-0.01
15
0.1172
0.03
-0.01
-0.54
0.35
-0.01
16
0.1050
0.03
-0.01
-0.63
0.24
-0.01
18
0.0765
0.02
-0.01
-0.75
0.14
-0.01
22
0.0437
0.02
-0.01
-0.85
0.11
-0.01
24
0.0350
0.01
-0.01
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 16 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.