■ 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 — 28 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)EUO open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 10.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.01
20
0.0149
0.02
-0.01
-0.07
0.88
-0.01
25
0.0395
0.03
-0.01
-0.12
0.85
-0.01
26
0.0512
0.04
-0.01
-0.14
0.82
-0.01
27
0.0688
0.04
-0.01
-0.17
0.77
-0.01
28
0.0962
0.05
-0.01
-0.22
0.68
-0.00
29
0.1379
0.06
-0.01
-0.31
0.53
-0.00
30
0.1745
0.06
-0.01
-0.46
0.37
-0.01
31
0.1558
0.06
-0.01
-0.62
0.27
-0.01
32
0.1185
0.05
-0.01
-0.73
0.13
-0.00
35
0.0558
0.03
-0.00
-0.87
0.11
-0.00
36
0.0454
0.03
-0.00
-0.89
0.10
-0.00
37
0.0376
0.03
-0.00
-0.91
0.08
-0.00
38
0.0315
0.02
-0.00
-0.93
0.07
-0.00
39
0.0267
0.02
-0.00
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 15 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.