Event risk before this expiration: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 — 25 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)DXYZ 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 ≈ 66.0% · 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
1.00
—
12.5
0.0007
0.00
0.00
-0.00
1.00
—
15
0.0015
0.00
-0.00
-0.01
0.99
0.00
17.5
0.0036
0.00
-0.00
-0.01
0.97
-0.00
20
0.0085
0.01
-0.00
-0.03
0.92
-0.01
22.5
0.0179
0.02
-0.01
-0.08
0.84
-0.01
25
0.0291
0.03
-0.01
-0.16
0.62
-0.02
30
0.0418
0.05
-0.02
-0.38
0.43
-0.03
35
0.0402
0.06
-0.03
-0.58
0.29
-0.02
40
0.0332
0.05
-0.02
-0.72
0.19
-0.02
45
0.0256
0.04
-0.02
-0.82
0.13
-0.02
50
0.0192
0.03
-0.01
-0.89
0.09
-0.01
55
0.0141
0.02
-0.01
-0.93
0.06
-0.01
60
0.0104
0.02
-0.01
-0.97
0.04
-0.01
65
0.0076
0.01
-0.01
-0.99
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 16 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.