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 · 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 — 43 — is the max pain price.
Open interest by strike · Fri, Sep 17
■ calls (up)■ puts (down)FE open contracts per strike for Fri, Sep 17.
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 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 17
— call IV— put IVATM ≈ 20.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 17
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 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.00
33
0.0148
0.07
-0.00
-0.11
0.88
-0.00
35
0.0188
0.09
-0.00
-0.14
0.81
-0.00
38
0.0266
0.11
-0.00
-0.20
0.76
-0.00
40
0.0331
0.13
-0.00
-0.26
0.65
-0.00
43
0.0434
0.15
-0.00
-0.37
0.56
-0.00
45
0.0484
0.16
-0.00
-0.46
0.47
-0.00
47
0.0500
0.17
-0.00
-0.56
0.34
-0.00
50
0.0453
0.15
-0.00
-0.69
0.20
-0.00
55
0.0318
0.12
-0.00
-0.83
0.07
-0.00
70
0.0111
0.06
—
-0.99
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.