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 — 40 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)GBTC 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 ≈ 39.8% · 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
0.80
-0.03
56
0.0276
0.07
-0.03
-0.21
0.77
-0.03
57
0.0303
0.08
-0.03
-0.24
0.74
-0.03
58
0.0330
0.08
-0.03
-0.27
0.70
-0.03
59
0.0356
0.09
-0.03
-0.30
0.67
-0.03
60
0.0380
0.09
-0.03
-0.34
0.63
-0.03
61
0.0400
0.09
-0.03
-0.38
0.58
-0.03
62
0.0415
0.10
-0.03
-0.42
0.54
-0.03
63
0.0426
0.10
-0.03
-0.47
0.50
-0.03
64
0.0431
0.10
-0.03
-0.51
0.46
-0.03
65
0.0430
0.10
-0.03
-0.56
0.42
-0.03
66
0.0424
0.10
-0.03
-0.60
0.38
-0.03
67
0.0412
0.09
-0.03
-0.64
0.34
-0.03
68
0.0396
0.09
-0.03
-0.68
0.31
-0.03
69
0.0378
0.09
-0.03
-0.71
0.28
-0.03
70
0.0357
0.08
-0.03
-0.75
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 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.