■ 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 — 110 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)FRT 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 ≈ 21.7% · 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
0.97
—
80
0.0031
0.06
-0.01
-0.04
0.95
-0.00
85
0.0043
0.08
-0.01
-0.06
0.90
-0.01
95
0.0083
0.14
-0.01
-0.11
0.86
-0.01
100
0.0115
0.18
-0.01
-0.16
0.80
-0.01
105
0.0154
0.23
-0.01
-0.22
0.71
-0.01
110
0.0199
0.28
-0.02
-0.31
0.61
-0.02
115
0.0236
0.32
-0.02
-0.41
0.49
-0.02
120
0.0250
0.33
-0.02
-0.54
0.37
-0.02
125
0.0236
0.31
-0.01
-0.66
0.28
-0.01
130
0.0203
0.28
-0.01
-0.75
0.21
-0.01
135
0.0166
0.24
-0.01
-0.83
0.16
-0.01
140
0.0133
0.20
-0.01
-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.