Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 — 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 — 92 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)CVS open contracts per strike for Fri, Dec 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 38.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.05
82
0.0279
0.08
-0.05
-0.23
0.74
-0.05
83
0.0302
0.09
-0.06
-0.26
0.71
-0.06
84
0.0324
0.09
-0.06
-0.29
0.68
-0.06
85
0.0344
0.10
-0.06
-0.33
0.64
-0.06
86
0.0362
0.10
-0.06
-0.36
0.60
-0.06
87
0.0377
0.10
-0.06
-0.40
0.57
-0.06
88
0.0388
0.10
-0.06
-0.44
0.53
-0.06
89
0.0395
0.10
-0.06
-0.48
0.49
-0.06
90
0.0398
0.10
-0.06
-0.52
0.45
-0.06
91
0.0396
0.10
-0.06
-0.56
0.41
-0.06
92
0.0390
0.10
-0.06
-0.60
0.37
-0.06
93
0.0381
0.10
-0.06
-0.64
0.34
-0.06
94
0.0368
0.10
-0.06
-0.67
0.27
-0.05
96
0.0333
0.09
-0.05
-0.74
0.24
-0.05
97
0.0313
0.08
-0.05
-0.77
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 26 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.