■ 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, Feb 19
■ calls (up)■ puts (down)EUO open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 11.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.00
25
0.0387
0.04
-0.00
-0.12
0.81
-0.00
27
0.0659
0.06
-0.00
-0.17
0.76
-0.00
28
0.0903
0.07
-0.00
-0.22
0.68
-0.00
29
0.1236
0.08
-0.00
-0.31
0.54
-0.00
30
0.1469
0.08
-0.00
-0.45
0.41
-0.00
31
0.1346
0.08
-0.00
-0.59
0.31
-0.00
32
0.1091
0.08
-0.00
-0.69
0.24
-0.00
33
0.0871
0.07
-0.00
-0.76
0.20
-0.00
34
0.0704
0.06
-0.00
-0.81
0.17
-0.00
35
0.0578
0.06
-0.00
-0.85
0.14
-0.00
36
0.0482
0.05
-0.00
-0.88
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.