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 — 320 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)CB 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 ≈ 21.7% · 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
0.91
-0.02
285
0.0023
0.43
-0.03
-0.09
0.90
-0.02
290
0.0025
0.48
-0.03
-0.10
0.86
-0.03
305
0.0034
0.62
-0.04
-0.15
0.84
-0.03
310
0.0038
0.67
-0.04
-0.17
0.80
-0.04
320
0.0045
0.76
-0.04
-0.21
0.77
-0.04
325
0.0048
0.81
-0.05
-0.24
0.75
-0.04
330
0.0052
0.86
-0.05
-0.26
0.53
-0.05
365
0.0070
1.06
-0.06
-0.50
0.50
-0.05
370
0.0070
1.07
-0.06
-0.54
0.37
-0.05
390
0.0068
1.01
-0.05
-0.69
0.33
-0.05
395
0.0067
0.98
-0.05
-0.73
0.25
-0.04
410
0.0059
0.85
-0.05
-0.84
0.20
-0.04
420
0.0052
0.75
-0.05
-0.92
0.12
-0.03
440
0.0038
0.55
-0.04
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 22 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.