■ 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 — 110 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)COP open contracts per strike for Fri, Sep 11.
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 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 11
— call IV— put IVATM ≈ 32.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 11
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 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.03
100
0.0144
0.05
-0.03
-0.10
0.82
-0.05
105
0.0241
0.09
-0.05
-0.20
0.77
-0.06
107
0.0276
0.11
-0.05
-0.24
0.74
-0.06
108
0.0291
0.12
-0.06
-0.27
0.68
-0.06
110
0.0316
0.13
-0.06
-0.33
0.61
-0.06
112
0.0332
0.14
-0.06
-0.39
0.58
-0.06
113
0.0337
0.14
-0.06
-0.43
0.41
-0.06
118
0.0328
0.14
-0.06
-0.59
0.38
-0.06
119
0.0320
0.14
-0.06
-0.63
0.35
-0.06
120
0.0310
0.14
-0.06
-0.66
0.23
-0.05
125
0.0246
0.11
-0.05
-0.78
0.21
-0.05
126
0.0232
0.10
-0.05
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.