Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 97.5 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)CAKE open contracts per strike for Fri, Jan 15.
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 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 44.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.03
85
0.0078
0.10
-0.03
-0.12
0.86
-0.03
87.5
0.0090
0.12
-0.03
-0.15
0.83
-0.04
90
0.0102
0.13
-0.04
-0.17
0.80
-0.04
92.5
0.0114
0.15
-0.04
-0.20
0.77
-0.04
95
0.0126
0.16
-0.04
-0.24
0.73
-0.05
97.5
0.0136
0.17
-0.05
-0.27
0.69
-0.05
100
0.0146
0.18
-0.05
-0.31
0.61
-0.05
105
0.0161
0.20
-0.06
-0.39
0.53
-0.06
110
0.0168
0.21
-0.06
-0.48
0.45
-0.06
115
0.0167
0.20
-0.06
-0.56
0.38
-0.05
120
0.0160
0.20
-0.06
-0.64
0.31
-0.05
125
0.0148
0.18
-0.05
-0.71
0.25
-0.04
130
0.0132
0.17
-0.05
-0.77
0.20
-0.04
135
0.0116
0.15
-0.04
-0.82
0.16
-0.04
140
0.0100
0.13
-0.04
-0.86
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.