■ 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 — 65 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)ECO open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 45.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
30
0.0033
0.04
-0.02
-0.10
0.94
-0.01
35
0.0051
0.05
-0.02
-0.12
0.91
-0.01
40
0.0077
0.07
-0.02
-0.16
0.86
-0.01
45
0.0116
0.09
-0.02
-0.21
0.80
-0.02
50
0.0170
0.11
-0.02
-0.29
0.70
-0.02
55
0.0236
0.14
-0.02
-0.39
0.57
-0.02
60
0.0276
0.15
-0.02
-0.51
0.45
-0.02
65
0.0259
0.16
-0.02
-0.62
0.36
-0.02
70
0.0222
0.15
-0.02
-0.69
0.30
-0.02
75
0.0188
0.14
-0.02
-0.74
0.26
-0.02
80
0.0161
0.13
-0.01
-0.77
0.23
-0.02
85
0.0141
0.12
-0.01
-0.80
0.21
-0.02
90
0.0125
0.12
-0.01
-0.81
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.