Event risk before this expiration: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 — 610 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)CASY open contracts per strike for Fri, May 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 36.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.73
-0.13
600
0.0018
1.66
-0.15
-0.28
0.71
-0.14
610
0.0018
1.71
-0.15
-0.30
0.69
-0.14
620
0.0019
1.76
-0.16
-0.32
0.67
-0.15
630
0.0019
1.81
-0.16
-0.34
0.65
-0.15
640
0.0020
1.85
-0.17
-0.36
0.63
-0.15
650
0.0020
1.89
-0.17
-0.38
0.61
-0.16
660
0.0021
1.92
-0.17
-0.40
0.59
-0.16
670
0.0021
1.95
-0.17
-0.42
0.57
-0.16
680
0.0021
1.97
-0.17
-0.45
0.55
-0.16
690
0.0022
1.98
-0.17
-0.47
0.53
-0.17
700
0.0022
1.99
-0.17
-0.49
0.50
-0.17
710
0.0022
2.00
-0.17
-0.51
0.48
-0.17
720
0.0022
1.99
-0.17
-0.54
0.46
-0.17
730
0.0022
1.99
-0.17
-0.56
0.44
-0.16
740
0.0022
1.98
-0.17
-0.58
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 39 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.