Too thin to read: 15 open contracts across 10 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration: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.
Too thin to read: 15 open contracts across 10 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, Dec 11
■ calls (up)■ puts (down)CVS open contracts per strike for Fri, Dec 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, Dec 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 11
— call IV— put IVATM ≈ 37.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, Dec 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.04
81
0.0251
0.08
-0.04
-0.21
0.67
-0.05
85
0.0324
0.10
-0.05
-0.33
0.57
-0.06
88
0.0361
0.11
-0.06
-0.44
0.49
-0.06
90
0.0370
0.12
-0.06
-0.51
0.42
-0.05
92
0.0367
0.11
-0.05
-0.59
0.32
-0.05
95
0.0337
0.10
-0.05
-0.69
0.29
-0.05
96
0.0322
0.10
-0.05
-0.72
0.21
-0.04
99
0.0270
0.08
-0.04
-0.81
0.19
-0.04
100
0.0251
0.08
-0.04
-0.83
0.17
-0.03
101
0.0233
0.07
-0.04
-0.85
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.
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.