■ 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 — 70 — is the max pain price.
Open interest by strike · Fri, Aug 21
■ calls (up)■ puts (down)D open contracts per strike for Fri, Aug 21.
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, Aug 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 21
— call IV— put IVATM ≈ 30.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 21
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, Aug 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
-0.00
45
0.0005
0.00
-0.00
-0.00
0.99
-0.01
55
0.0030
0.00
-0.01
-0.01
0.98
-0.02
60
0.0100
0.00
-0.02
-0.02
0.97
-0.03
62.5
0.0212
0.01
-0.03
-0.03
0.92
-0.04
65
0.0546
0.01
-0.04
-0.08
0.75
-0.07
67.5
0.1849
0.02
-0.07
-0.25
0.19
-0.05
70
0.1787
0.02
-0.05
-0.83
0.05
-0.02
72.5
0.0435
0.01
-0.02
-0.97
0.02
-0.01
75
0.0155
0.00
-0.01
-0.99
0.01
-0.01
77.5
0.0070
0.00
-0.01
-1.00
0.01
-0.01
80
0.0037
0.00
-0.01
-1.00
0.00
-0.00
85
0.0013
0.00
-0.01
-1.00
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.
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.