■ 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 — 404 — is the max pain price.
Open interest by strike · Thu, Aug 20
■ calls (up)■ puts (down)GLD open contracts per strike for Thu, Aug 20.
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 · Thu, Aug 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Aug 20
— call IV— put IVATM ≈ 21.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Aug 20
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 · Thu, Aug 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.23
389
0.0229
0.05
-0.23
-0.09
0.89
-0.28
390
0.0273
0.06
-0.28
-0.11
0.86
-0.34
391
0.0323
0.07
-0.34
-0.14
0.75
-0.55
394
0.0489
0.10
-0.55
-0.25
0.70
-0.61
395
0.0540
0.10
-0.61
-0.30
0.64
-0.67
396
0.0582
0.11
-0.67
-0.36
0.58
-0.71
397
0.0611
0.12
-0.71
-0.42
0.52
-0.73
398
0.0625
0.12
-0.74
-0.48
0.46
-0.73
399
0.0622
0.12
-0.73
-0.54
0.40
-0.70
400
0.0603
0.11
-0.71
-0.60
0.34
-0.66
401
0.0570
0.11
-0.67
-0.66
0.29
-0.60
402
0.0526
0.10
-0.61
-0.71
0.24
-0.54
403
0.0475
0.09
-0.54
-0.76
0.20
-0.47
404
0.0422
0.08
-0.47
-0.80
0.17
-0.40
405
0.0368
0.07
-0.41
-0.84
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 28 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.