■ 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 — 25 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)BTC open contracts per strike for Fri, Jan 21.
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 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 50.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.00
21
0.0149
0.09
-0.01
-0.20
0.82
-0.00
22
0.0163
0.10
-0.01
-0.22
0.80
-0.00
23
0.0177
0.10
-0.01
-0.24
0.78
-0.00
24
0.0190
0.11
-0.01
-0.26
0.75
-0.00
25
0.0204
0.11
-0.01
-0.28
0.73
-0.00
26
0.0217
0.12
-0.01
-0.31
0.71
-0.00
27
0.0230
0.12
-0.01
-0.34
0.68
-0.00
28
0.0241
0.13
-0.01
-0.37
0.66
-0.00
29
0.0251
0.13
-0.01
-0.40
0.63
-0.01
30
0.0260
0.13
-0.01
-0.42
0.61
-0.01
31
0.0268
0.13
-0.01
-0.45
0.58
-0.01
32
0.0273
0.14
-0.01
-0.48
0.56
-0.01
33
0.0277
0.14
-0.01
-0.51
0.53
-0.01
34
0.0280
0.14
-0.01
-0.54
0.51
-0.01
35
0.0281
0.14
-0.01
-0.57
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.