■ 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 — 175 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)BMO open contracts per strike for Fri, Dec 18.
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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 21.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
150
0.0045
0.13
-0.01
-0.07
0.91
-0.02
155
0.0060
0.17
-0.02
-0.10
0.88
-0.02
160
0.0079
0.21
-0.02
-0.13
0.84
-0.03
165
0.0100
0.26
-0.03
-0.17
0.78
-0.03
170
0.0123
0.32
-0.03
-0.23
0.71
-0.03
175
0.0146
0.36
-0.03
-0.29
0.64
-0.04
180
0.0164
0.41
-0.04
-0.37
0.55
-0.04
185
0.0176
0.43
-0.04
-0.46
0.46
-0.04
190
0.0178
0.43
-0.04
-0.55
0.38
-0.03
195
0.0172
0.41
-0.03
-0.63
0.30
-0.03
200
0.0158
0.38
-0.03
-0.71
0.17
-0.02
210
0.0117
0.28
-0.02
-0.84
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 19 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.