■ 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 — 16 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)CMRE open contracts per strike for Fri, Sep 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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 36.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.00
10
0.0299
0.01
-0.01
-0.05
0.93
-0.01
11
0.0467
0.01
-0.01
-0.07
0.89
-0.01
12
0.0772
0.01
-0.01
-0.11
0.83
-0.01
13
0.1376
0.01
-0.01
-0.18
0.67
-0.01
14
0.2475
0.02
-0.01
-0.34
0.41
-0.01
15
0.2484
0.02
-0.01
-0.60
0.27
-0.01
16
0.1659
0.01
-0.01
-0.75
0.20
-0.01
17
0.1160
0.01
-0.01
-0.82
0.16
-0.01
18
0.0868
0.01
-0.01
-0.86
0.13
-0.01
19
0.0683
0.01
-0.01
-0.88
0.11
-0.01
20
0.0558
0.01
-0.01
-0.90
0.10
-0.01
21
0.0468
0.01
-0.01
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 16 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.