Event risk before this expiration:Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · FOMC decision Wed, Oct 28 · 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 — 75 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)DAL 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 ≈ 40.0% · 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
0.90
-0.01
65
0.0102
0.07
-0.02
-0.10
0.86
-0.02
67.5
0.0126
0.09
-0.02
-0.14
0.83
-0.02
70
0.0151
0.10
-0.02
-0.17
0.78
-0.03
72.5
0.0176
0.12
-0.03
-0.22
0.73
-0.03
75
0.0200
0.13
-0.03
-0.27
0.68
-0.03
77.5
0.0219
0.14
-0.03
-0.33
0.62
-0.03
80
0.0234
0.15
-0.04
-0.39
0.56
-0.04
82.5
0.0244
0.16
-0.04
-0.45
0.50
-0.04
85
0.0248
0.16
-0.04
-0.51
0.44
-0.04
87.5
0.0246
0.16
-0.04
-0.57
0.38
-0.03
90
0.0238
0.15
-0.03
-0.63
0.33
-0.03
92.5
0.0226
0.15
-0.03
-0.69
0.28
-0.03
95
0.0211
0.14
-0.03
-0.74
0.23
-0.03
97.5
0.0194
0.12
-0.03
-0.79
0.19
-0.02
100
0.0174
0.11
-0.02
-0.83
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 41 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.
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.