Event risk before this expiration:FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 195 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)CR 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 ≈ 35.3% · 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
0.93
-0.03
145
0.0026
0.14
-0.03
-0.07
0.83
-0.05
170
0.0059
0.26
-0.05
-0.17
0.80
-0.06
175
0.0068
0.29
-0.06
-0.20
0.77
-0.06
180
0.0077
0.32
-0.06
-0.23
0.72
-0.07
185
0.0086
0.35
-0.07
-0.28
0.68
-0.07
190
0.0095
0.37
-0.07
-0.32
0.63
-0.07
195
0.0102
0.39
-0.07
-0.37
0.58
-0.07
200
0.0108
0.41
-0.07
-0.43
0.47
-0.07
210
0.0112
0.41
-0.07
-0.54
0.36
-0.07
220
0.0106
0.39
-0.07
-0.65
0.28
-0.06
230
0.0093
0.35
-0.07
-0.74
0.21
-0.05
240
0.0078
0.30
-0.06
-0.81
0.16
-0.05
250
0.0064
0.26
-0.05
-0.87
0.12
-0.04
260
0.0052
0.21
-0.05
-0.91
0.09
-0.03
270
0.0042
0.18
-0.04
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 24 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.