Max pain is not shown: without its single heaviest strike it moves 5.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 5.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)CVS 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 ≈ 36.5% · 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
0.96
-0.01
70
0.0069
0.03
-0.01
-0.04
0.94
-0.01
72.5
0.0100
0.04
-0.02
-0.07
0.90
-0.02
75
0.0137
0.06
-0.02
-0.10
0.86
-0.03
77.5
0.0180
0.07
-0.03
-0.14
0.81
-0.03
80
0.0226
0.09
-0.04
-0.20
0.74
-0.04
82.5
0.0270
0.10
-0.04
-0.26
0.67
-0.04
85
0.0309
0.12
-0.05
-0.34
0.58
-0.05
87.5
0.0338
0.12
-0.05
-0.42
0.50
-0.05
90
0.0351
0.13
-0.05
-0.51
0.41
-0.05
92.5
0.0347
0.12
-0.05
-0.60
0.33
-0.04
95
0.0326
0.12
-0.04
-0.68
0.26
-0.04
97.5
0.0292
0.10
-0.04
-0.76
0.20
-0.03
100
0.0251
0.09
-0.03
-0.82
0.10
-0.02
105
0.0166
0.06
-0.02
-0.92
0.06
-0.01
110
0.0101
0.04
-0.01
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 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.