■ 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 — 11 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)BW 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 ≈ 109.0% · 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
0.99
-0.00
2.5
0.0042
0.00
-0.00
-0.01
0.93
-0.00
5
0.0207
0.01
-0.00
-0.06
0.89
-0.01
6
0.0315
0.01
-0.01
-0.10
0.80
-0.01
7.5
0.0487
0.01
-0.01
-0.19
0.70
-0.01
9
0.0625
0.02
-0.01
-0.29
0.63
-0.01
10
0.0683
0.02
-0.01
-0.37
0.56
-0.01
11
0.0713
0.02
-0.01
-0.44
0.47
-0.01
12.5
0.0712
0.02
-0.01
-0.53
0.39
-0.01
14
0.0678
0.02
-0.01
-0.61
0.35
-0.01
15
0.0645
0.02
-0.01
-0.65
0.31
-0.01
16
0.0608
0.02
-0.01
-0.69
0.26
-0.01
17.5
0.0552
0.02
-0.01
-0.74
0.22
-0.01
19
0.0498
0.02
-0.01
-0.78
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 23 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.