Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 — 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 — 270 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)DDOG open contracts per strike for Fri, Dec 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 73.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.17
215
0.0027
0.18
-0.18
-0.12
0.86
-0.19
220
0.0030
0.20
-0.20
-0.13
0.84
-0.21
225
0.0033
0.22
-0.22
-0.15
0.80
-0.25
235
0.0038
0.26
-0.25
-0.20
0.70
-0.31
255
0.0049
0.32
-0.31
-0.29
0.68
-0.32
260
0.0051
0.33
-0.32
-0.32
0.62
-0.34
270
0.0054
0.35
-0.34
-0.38
0.59
-0.34
275
0.0056
0.36
-0.34
-0.41
0.35
-0.32
320
0.0054
0.34
-0.32
-0.65
0.30
-0.30
330
0.0052
0.32
-0.30
-0.70
0.26
-0.28
340
0.0048
0.30
-0.28
-0.74
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 15 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.