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 — 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 — 24 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)FSLY open contracts per strike for Fri, Dec 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 105.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
14
0.0082
0.01
-0.01
-0.04
0.95
-0.01
15
0.0110
0.01
-0.01
-0.05
0.93
-0.01
16
0.0142
0.01
-0.02
-0.07
0.81
-0.03
20
0.0294
0.02
-0.03
-0.19
0.65
-0.04
24
0.0412
0.03
-0.04
-0.35
0.60
-0.04
25
0.0428
0.03
-0.04
-0.40
0.56
-0.04
26
0.0439
0.03
-0.05
-0.44
0.52
-0.05
27
0.0444
0.03
-0.05
-0.48
0.48
-0.05
28
0.0443
0.03
-0.05
-0.53
0.44
-0.04
29
0.0438
0.03
-0.04
-0.57
0.40
-0.04
30
0.0429
0.03
-0.04
-0.60
0.36
-0.04
31
0.0417
0.03
-0.04
-0.64
0.33
-0.04
32
0.0402
0.03
-0.04
-0.67
0.25
-0.04
35
0.0348
0.03
-0.04
-0.76
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.