■ 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 — 5 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)GILT open contracts per strike for Fri, Jan 21.
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 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 70.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
—
2.5
0.0046
0.01
-0.00
-0.03
0.94
-0.00
5
0.0126
0.02
-0.00
-0.08
0.87
-0.00
7.5
0.0226
0.03
-0.00
-0.16
0.78
-0.00
10
0.0314
0.04
-0.00
-0.26
0.69
-0.00
12.5
0.0374
0.05
-0.00
-0.36
0.60
-0.00
15
0.0404
0.06
-0.00
-0.45
0.53
-0.00
17.5
0.0413
0.06
-0.00
-0.54
0.47
-0.00
20
0.0409
0.06
-0.00
-0.61
0.42
-0.00
22.5
0.0397
0.06
-0.00
-0.68
0.38
-0.00
25
0.0382
0.05
-0.00
-0.73
0.30
-0.00
30
0.0347
0.05
-0.00
-0.83
0.25
-0.00
35
0.0311
0.04
-0.00
-0.92
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.