Event risk before this expiration: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 — 55 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)FTV 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 ≈ 35.3% · 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
-0.02
30
0.0042
0.03
-0.02
-0.06
0.90
-0.02
40
0.0096
0.04
-0.02
-0.10
0.85
-0.02
45
0.0153
0.06
-0.03
-0.14
0.78
-0.02
50
0.0256
0.07
-0.03
-0.21
0.64
-0.02
55
0.0439
0.09
-0.02
-0.36
0.40
-0.02
60
0.0496
0.09
-0.02
-0.60
0.25
-0.02
65
0.0337
0.08
-0.02
-0.75
0.18
-0.02
70
0.0233
0.07
-0.02
-0.82
0.14
-0.02
75
0.0173
0.06
-0.02
-0.86
0.12
-0.02
80
0.0136
0.05
-0.02
-0.89
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.