■ 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 — 16 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)BEKE open contracts per strike for Fri, Sep 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 4
— call IV— put IVATM ≈ 96.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.01
8
0.0092
0.00
-0.01
-0.03
0.96
-0.01
9
0.0124
0.00
-0.01
-0.04
0.95
-0.01
10
0.0168
0.00
-0.02
-0.05
0.94
-0.01
11
0.0230
0.00
-0.02
-0.06
0.93
-0.02
12
0.0323
0.01
-0.02
-0.07
0.87
-0.02
14
0.0697
0.01
-0.02
-0.13
0.81
-0.02
15
0.1093
0.01
-0.02
-0.19
0.69
-0.02
16
0.1736
0.01
-0.02
-0.31
0.32
-0.02
18
0.1735
0.01
-0.02
-0.68
0.23
-0.02
19
0.1245
0.01
-0.02
-0.78
0.11
-0.02
22
0.0564
0.01
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 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.
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.