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 · 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 — 95 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)EMB open contracts per strike for Fri, Jan 21.
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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 9.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.85
-0.00
80
0.0218
0.23
-0.00
-0.20
0.77
-0.00
84
0.0301
0.29
-0.00
-0.27
0.72
-0.00
86
0.0350
0.32
-0.00
-0.32
0.69
-0.00
87
0.0373
0.33
-0.00
-0.35
0.61
-0.00
89
0.0416
0.36
-0.00
-0.42
0.57
-0.00
90
0.0434
0.37
-0.00
-0.46
0.53
-0.00
91
0.0445
0.38
-0.00
-0.50
0.49
-0.00
92
0.0450
0.38
-0.00
-0.54
0.45
-0.00
93
0.0445
0.38
-0.00
-0.58
0.41
-0.00
94
0.0430
0.37
-0.00
-0.62
0.37
-0.00
95
0.0410
0.36
-0.00
-0.65
0.34
-0.00
96
0.0387
0.35
-0.00
-0.69
0.31
-0.00
97
0.0363
0.34
-0.00
-0.71
0.28
-0.00
98
0.0338
0.33
-0.00
-0.73
0.24
-0.00
100
0.0294
0.30
-0.00
-0.77
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 19 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.