■ 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, Feb 19
■ calls (up)■ puts (down)CORN open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 18.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.00
14
0.0336
0.02
-0.00
-0.07
0.91
-0.00
15
0.0507
0.02
-0.00
-0.09
0.86
-0.00
16
0.0782
0.03
-0.00
-0.14
0.78
-0.00
17
0.1197
0.04
-0.00
-0.23
0.65
-0.00
18
0.1626
0.05
-0.00
-0.38
0.48
-0.00
19
0.1702
0.05
-0.00
-0.58
0.34
-0.00
20
0.1444
0.05
-0.00
-0.74
0.25
-0.00
21
0.1137
0.04
-0.00
-0.85
0.19
-0.00
22
0.0885
0.04
-0.00
-0.92
0.14
-0.00
23
0.0694
0.03
-0.00
-0.96
0.11
-0.00
24
0.0553
0.03
-0.00
-0.99
0.09
-0.00
25
0.0446
0.02
-0.00
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 13 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.