■ 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 — 25 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)FRVO open contracts per strike for Fri, Jan 15.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 93.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.01
12.5
0.0176
0.03
-0.01
-0.14
0.81
-0.01
15
0.0237
0.04
-0.01
-0.21
0.73
-0.01
17.5
0.0287
0.04
-0.01
-0.29
0.65
-0.01
20
0.0320
0.05
-0.01
-0.38
0.57
-0.01
22.5
0.0337
0.05
-0.02
-0.46
0.50
-0.02
25
0.0339
0.05
-0.02
-0.53
0.39
-0.01
30
0.0319
0.05
-0.02
-0.65
0.30
-0.01
35
0.0284
0.04
-0.01
-0.74
0.24
-0.01
40
0.0247
0.04
-0.01
-0.81
0.19
-0.01
45
0.0214
0.04
-0.01
-0.87
0.16
-0.01
50
0.0185
0.03
-0.01
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 13 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.