■ 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 — 115 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)CM open contracts per strike for Fri, Dec 18.
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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 23.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
90
0.0050
0.08
-0.01
-0.06
0.92
-0.01
95
0.0073
0.11
-0.01
-0.08
0.90
-0.01
97.5
0.0087
0.13
-0.01
-0.10
0.88
-0.01
100
0.0103
0.15
-0.01
-0.13
0.82
-0.02
105
0.0142
0.19
-0.02
-0.19
0.74
-0.02
110
0.0185
0.24
-0.02
-0.27
0.64
-0.02
115
0.0225
0.27
-0.02
-0.37
0.52
-0.02
120
0.0252
0.29
-0.02
-0.50
0.39
-0.02
125
0.0253
0.28
-0.02
-0.64
0.28
-0.02
130
0.0227
0.25
-0.02
-0.76
0.18
-0.01
135
0.0181
0.20
-0.01
-0.86
0.11
-0.01
140
0.0132
0.14
-0.01
-0.93
0.07
-0.01
145
0.0091
0.10
-0.01
-0.98
0.03
-0.00
155
0.0039
0.05
—
-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 18 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.