Event risk before this expiration:Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — 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 — 310 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)FDX 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 ≈ 33.5% · 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
0.94
-0.03
230
0.0023
0.18
-0.04
-0.07
0.91
-0.05
240
0.0031
0.24
-0.05
-0.10
0.87
-0.06
250
0.0041
0.31
-0.07
-0.14
0.82
-0.07
260
0.0052
0.38
-0.08
-0.19
0.76
-0.09
270
0.0062
0.45
-0.09
-0.25
0.69
-0.10
280
0.0072
0.51
-0.10
-0.32
0.61
-0.11
290
0.0079
0.55
-0.11
-0.40
0.53
-0.11
300
0.0083
0.57
-0.11
-0.48
0.45
-0.11
310
0.0083
0.57
-0.11
-0.56
0.37
-0.10
320
0.0080
0.55
-0.10
-0.64
0.30
-0.09
330
0.0073
0.50
-0.10
-0.72
0.24
-0.08
340
0.0065
0.45
-0.09
-0.78
0.19
-0.07
350
0.0056
0.39
-0.08
-0.84
0.15
-0.06
360
0.0048
0.34
-0.07
-0.89
0.11
-0.05
370
0.0040
0.28
-0.06
-0.93
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 34 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.