■ 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 — 25 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ETHV 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 ≈ 52.1% · 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
0.83
-0.01
20
0.0185
0.04
-0.01
-0.17
0.74
-0.01
24
0.0313
0.06
-0.01
-0.26
0.70
-0.01
25
0.0353
0.06
-0.01
-0.30
0.67
-0.01
26
0.0394
0.06
-0.01
-0.34
0.62
-0.01
27
0.0433
0.06
-0.01
-0.38
0.58
-0.01
28
0.0465
0.07
-0.01
-0.43
0.53
-0.01
29
0.0485
0.07
-0.01
-0.48
0.44
-0.01
31
0.0480
0.07
-0.01
-0.57
0.34
-0.01
34
0.0414
0.06
-0.01
-0.67
0.24
-0.01
40
0.0290
0.05
-0.01
-0.78
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.