■ 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 — 488 — is the max pain price.
Open interest by strike · Wed, Sep 30
■ calls (up)■ puts (down)DIA open contracts per strike for Wed, Sep 30.
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 · Wed, Sep 30
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Sep 30
— call IV— put IVATM ≈ 12.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Sep 30
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 · Wed, Sep 30
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.04
485
0.0036
0.23
-0.05
-0.07
0.92
-0.05
490
0.0043
0.28
-0.06
-0.08
0.89
-0.06
500
0.0063
0.36
-0.07
-0.12
0.88
-0.07
502
0.0068
0.38
-0.07
-0.13
0.83
-0.08
510
0.0092
0.48
-0.08
-0.18
0.67
-0.10
525
0.0148
0.67
-0.10
-0.34
0.60
-0.10
530
0.0164
0.72
-0.11
-0.42
0.51
-0.10
535
0.0174
0.74
-0.11
-0.50
0.10
-0.04
565
0.0078
0.33
-0.04
-0.93
0.01
-0.01
595
0.0011
0.06
—
-1.00
0.01
-0.01
600
0.0008
0.04
—
-1.00
0.01
-0.00
605
0.0006
0.03
—
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 60 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.