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 — 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 — 11.5 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)F open contracts per strike for Fri, Dec 4.
Open-interest change · 2026-10-26 → 2026-10-27
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot: where the walls are building and where they’re unwinding. Only strikes observed on both days are compared; 3 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 10 +103 · 12 +75 · 13 +62 · 12.5 +51
Volume by strike · Fri, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 40.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
8
0.0042
0.00
-0.00
-0.02
0.99
0.00
8.5
0.0121
0.00
-0.00
-0.03
0.99
-0.00
9
0.0313
0.00
-0.00
-0.05
0.96
-0.00
9.5
0.0709
0.00
-0.00
-0.08
0.92
-0.01
10
0.1360
0.01
-0.01
-0.13
0.83
-0.01
10.5
0.2139
0.01
-0.01
-0.21
0.71
-0.01
11
0.2743
0.01
-0.01
-0.31
0.56
-0.01
11.5
0.2956
0.01
-0.01
-0.45
0.42
-0.01
12
0.2828
0.01
-0.01
-0.59
0.29
-0.01
12.5
0.2450
0.01
-0.01
-0.71
0.20
-0.01
13
0.1944
0.01
-0.01
-0.81
0.13
-0.00
13.5
0.1453
0.01
-0.00
-0.88
0.09
-0.00
14
0.1052
0.01
-0.00
-0.92
0.06
-0.00
14.5
0.0754
0.01
-0.00
-0.95
0.04
-0.00
15
0.0541
0.00
-0.00
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 18 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 history — nearest expiry vs price
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.
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.