■ 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 — 28 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)GEN open contracts per strike for Fri, Sep 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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 33.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.90
-0.02
20
0.0215
0.01
-0.02
-0.10
0.87
-0.02
22
0.0323
0.02
-0.02
-0.13
0.85
-0.02
23
0.0405
0.02
-0.02
-0.15
0.82
-0.02
24
0.0518
0.02
-0.02
-0.18
0.79
-0.02
25
0.0677
0.02
-0.02
-0.22
0.73
-0.02
26
0.0901
0.03
-0.02
-0.28
0.64
-0.02
27
0.1187
0.03
-0.02
-0.37
0.51
-0.02
28
0.1389
0.03
-0.02
-0.50
0.38
-0.02
29
0.1294
0.03
-0.02
-0.63
0.29
-0.02
30
0.1058
0.03
-0.02
-0.73
0.23
-0.02
31
0.0847
0.03
-0.02
-0.79
0.19
-0.02
32
0.0686
0.02
-0.02
-0.83
0.16
-0.02
33
0.0565
0.02
-0.02
-0.86
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.