■ 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 — 386 — is the max pain price.
Open interest by strike · Wed, Aug 26
■ calls (up)■ puts (down)GLD open contracts per strike for Wed, Aug 26.
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 · Wed, Aug 26
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Aug 26
— call IV— put IVATM ≈ 19.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Aug 26
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 · Wed, Aug 26
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.77
-0.23
391
0.0250
0.18
-0.23
-0.23
0.75
-0.24
392
0.0266
0.19
-0.24
-0.25
0.69
-0.26
394
0.0296
0.21
-0.27
-0.31
0.66
-0.27
395
0.0308
0.22
-0.28
-0.34
0.63
-0.28
396
0.0319
0.22
-0.29
-0.37
0.60
-0.29
397
0.0328
0.23
-0.29
-0.40
0.57
-0.30
398
0.0334
0.23
-0.30
-0.44
0.53
-0.30
399
0.0337
0.24
-0.30
-0.47
0.50
-0.30
400
0.0338
0.24
-0.30
-0.50
0.47
-0.30
401
0.0336
0.24
-0.30
-0.54
0.43
-0.30
402
0.0332
0.23
-0.30
-0.57
0.40
-0.29
403
0.0325
0.23
-0.29
-0.60
0.37
-0.29
404
0.0316
0.22
-0.29
-0.64
0.34
-0.28
405
0.0306
0.22
-0.28
-0.67
0.31
-0.27
406
0.0293
0.21
-0.27
-0.69
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 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.