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.
■ 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 — 90 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)CVS 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 ≈ 33.9% · 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
0.95
-0.01
65
0.0056
0.05
-0.01
-0.06
0.91
-0.01
70
0.0094
0.08
-0.01
-0.10
0.84
-0.02
75
0.0141
0.12
-0.02
-0.17
0.80
-0.02
77.5
0.0165
0.14
-0.02
-0.21
0.75
-0.02
80
0.0188
0.15
-0.03
-0.26
0.70
-0.03
82.5
0.0209
0.17
-0.03
-0.31
0.65
-0.03
85
0.0226
0.18
-0.03
-0.37
0.59
-0.03
87.5
0.0238
0.19
-0.03
-0.43
0.53
-0.03
90
0.0245
0.19
-0.03
-0.49
0.47
-0.03
92.5
0.0246
0.19
-0.03
-0.55
0.41
-0.03
95
0.0241
0.19
-0.03
-0.60
0.35
-0.03
97.5
0.0231
0.18
-0.03
-0.66
0.30
-0.03
100
0.0218
0.17
-0.02
-0.71
0.21
-0.02
105
0.0182
0.14
-0.02
-0.80
0.14
-0.02
110
0.0143
0.11
-0.01
-0.88
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.