Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 22 — is the max pain price.
Open interest by strike · Fri, Nov 27
■ calls (up)■ puts (down)BTU open contracts per strike for Fri, Nov 27.
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 27
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 27
— call IV— put IVATM ≈ 61.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 27
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 27
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
15
0.0154
0.01
-0.01
-0.04
0.95
-0.01
16
0.0224
0.01
-0.01
-0.06
0.92
-0.01
17
0.0320
0.01
-0.01
-0.08
0.88
-0.01
18
0.0447
0.01
-0.01
-0.12
0.83
-0.02
19
0.0599
0.02
-0.02
-0.17
0.76
-0.02
20
0.0761
0.02
-0.02
-0.24
0.67
-0.02
21
0.0901
0.02
-0.02
-0.33
0.57
-0.02
22
0.0987
0.03
-0.03
-0.43
0.39
-0.02
24
0.0952
0.03
-0.02
-0.62
0.31
-0.02
25
0.0860
0.02
-0.02
-0.70
0.24
-0.02
26
0.0748
0.02
-0.02
-0.77
0.19
-0.02
27
0.0635
0.02
-0.02
-0.82
0.15
-0.01
28
0.0530
0.01
-0.01
-0.86
0.12
-0.01
29
0.0438
0.01
-0.01
-0.89
0.07
-0.01
31
0.0295
0.01
-0.01
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.