Event risk before this expiration: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 — 200 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)GNRC open contracts per strike for Fri, May 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 54.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.06
165
0.0036
0.45
-0.06
-0.23
0.76
-0.06
170
0.0038
0.47
-0.07
-0.25
0.73
-0.06
175
0.0040
0.49
-0.07
-0.27
0.71
-0.07
180
0.0041
0.51
-0.07
-0.30
0.69
-0.07
185
0.0043
0.53
-0.07
-0.32
0.66
-0.07
190
0.0044
0.55
-0.07
-0.34
0.64
-0.07
195
0.0046
0.56
-0.08
-0.37
0.62
-0.07
200
0.0047
0.57
-0.08
-0.39
0.57
-0.08
210
0.0048
0.59
-0.08
-0.44
0.52
-0.08
220
0.0049
0.60
-0.08
-0.49
0.48
-0.08
230
0.0049
0.60
-0.08
-0.54
0.44
-0.08
240
0.0049
0.59
-0.08
-0.58
0.40
-0.07
250
0.0048
0.58
-0.08
-0.63
0.36
-0.07
260
0.0046
0.56
-0.07
-0.67
0.32
-0.07
270
0.0045
0.54
-0.07
-0.71
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.