Event risk before this expiration: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 — 970 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)EME open contracts per strike for Fri, May 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 43.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.81
-0.12
550
0.0012
1.41
-0.15
-0.20
0.79
-0.13
560
0.0013
1.47
-0.16
-0.21
0.78
-0.14
570
0.0013
1.52
-0.16
-0.23
0.74
-0.15
590
0.0014
1.64
-0.17
-0.26
0.73
-0.16
600
0.0015
1.69
-0.18
-0.28
0.68
-0.17
630
0.0016
1.82
-0.19
-0.33
0.64
-0.18
650
0.0017
1.89
-0.20
-0.37
0.59
-0.19
680
0.0018
1.97
-0.20
-0.42
0.56
-0.19
700
0.0018
2.00
-0.20
-0.46
0.54
-0.20
710
0.0018
2.01
-0.20
-0.48
0.52
-0.20
720
0.0018
2.02
-0.20
-0.50
0.50
-0.20
730
0.0019
2.02
-0.20
-0.52
0.47
-0.20
750
0.0019
2.01
-0.20
-0.56
0.45
-0.19
760
0.0019
2.00
-0.20
-0.57
0.35
-0.18
820
0.0018
1.88
-0.18
-0.68
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 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.