■ 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 — 270 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)CME open contracts per strike for Fri, Sep 25.
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, Sep 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 24.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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, Sep 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.04
245
0.0039
0.04
-0.04
-0.03
0.95
-0.06
250
0.0060
0.06
-0.06
-0.05
0.92
-0.08
255
0.0093
0.08
-0.08
-0.08
0.87
-0.11
260
0.0140
0.11
-0.11
-0.13
0.80
-0.14
265
0.0202
0.15
-0.14
-0.20
0.69
-0.17
270
0.0269
0.19
-0.17
-0.32
0.62
-0.18
272.5
0.0295
0.21
-0.18
-0.39
0.54
-0.18
275
0.0312
0.21
-0.18
-0.46
0.46
-0.18
277.5
0.0315
0.21
-0.18
-0.54
0.39
-0.17
280
0.0305
0.21
-0.18
-0.62
0.25
-0.14
285
0.0251
0.17
-0.15
-0.76
0.16
-0.11
290
0.0183
0.13
-0.12
-0.86
0.10
-0.08
295
0.0123
0.09
-0.08
-0.92
0.06
-0.06
300
0.0080
0.06
-0.06
-0.96
0.04
-0.04
305
0.0052
0.04
-0.04
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.