■ 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 — 55 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)FBTC open contracts per strike for Fri, Sep 25.
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, Sep 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 34.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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, Sep 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.84
-0.02
48
0.0306
0.05
-0.02
-0.16
0.77
-0.03
50
0.0405
0.06
-0.03
-0.23
0.73
-0.03
51
0.0460
0.06
-0.03
-0.27
0.71
-0.03
51.5
0.0487
0.06
-0.03
-0.29
0.69
-0.03
52
0.0514
0.07
-0.03
-0.31
0.66
-0.03
52.5
0.0540
0.07
-0.03
-0.34
0.63
-0.03
53
0.0563
0.07
-0.03
-0.37
0.58
-0.03
54
0.0602
0.07
-0.03
-0.42
0.51
-0.03
55
0.0624
0.07
-0.03
-0.49
0.48
-0.03
55.5
0.0628
0.07
-0.03
-0.52
0.45
-0.03
56
0.0627
0.07
-0.03
-0.55
0.42
-0.03
56.5
0.0620
0.07
-0.03
-0.58
0.36
-0.03
57.5
0.0594
0.07
-0.03
-0.64
0.34
-0.03
58
0.0575
0.07
-0.03
-0.67
0.29
-0.03
59
0.0531
0.06
-0.03
-0.72
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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.