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 — 770 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ESLT 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 ≈ 40.8% · 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
0.82
-0.30
640
0.0020
0.76
-0.30
-0.18
0.80
-0.32
650
0.0022
0.81
-0.32
-0.20
0.77
-0.34
660
0.0024
0.87
-0.34
-0.23
0.75
-0.35
670
0.0026
0.92
-0.36
-0.25
0.72
-0.37
680
0.0027
0.97
-0.37
-0.28
0.66
-0.39
700
0.0030
1.05
-0.40
-0.34
0.56
-0.41
730
0.0033
1.13
-0.42
-0.44
0.53
-0.41
740
0.0034
1.15
-0.42
-0.47
0.50
-0.41
750
0.0034
1.15
-0.42
-0.51
0.46
-0.41
760
0.0034
1.14
-0.42
-0.54
0.43
-0.40
770
0.0034
1.13
-0.41
-0.58
0.40
-0.40
780
0.0033
1.11
-0.41
-0.61
0.34
-0.37
800
0.0032
1.05
-0.39
-0.67
0.23
-0.31
840
0.0026
0.89
-0.33
-0.78
0.21
-0.30
850
0.0025
0.84
-0.32
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.