■ 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 — 175 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)EAT 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 ≈ 48.5% · 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
0.84
-0.07
185
0.0033
0.33
-0.07
-0.16
0.82
-0.07
190
0.0036
0.36
-0.07
-0.18
0.80
-0.08
195
0.0039
0.39
-0.08
-0.20
0.78
-0.08
200
0.0042
0.41
-0.08
-0.22
0.73
-0.09
210
0.0048
0.46
-0.09
-0.27
0.68
-0.10
220
0.0053
0.50
-0.10
-0.33
0.62
-0.10
230
0.0056
0.53
-0.10
-0.39
0.56
-0.10
240
0.0059
0.55
-0.11
-0.45
0.50
-0.10
250
0.0060
0.56
-0.11
-0.51
0.45
-0.10
260
0.0059
0.55
-0.11
-0.56
0.39
-0.10
270
0.0058
0.54
-0.11
-0.62
0.34
-0.10
280
0.0056
0.51
-0.10
-0.67
0.26
-0.08
300
0.0049
0.45
-0.09
-0.76
0.16
-0.06
330
0.0037
0.34
-0.07
-0.87
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 36 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.