■ 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 — 330 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)HEI 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 ≈ 41.1% · 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
0.95
-0.07
270
0.0016
0.14
-0.07
-0.05
0.93
-0.08
280
0.0021
0.17
-0.08
-0.07
0.87
-0.12
300
0.0035
0.27
-0.12
-0.13
0.83
-0.14
310
0.0043
0.33
-0.14
-0.17
0.79
-0.17
320
0.0052
0.38
-0.17
-0.21
0.73
-0.18
330
0.0060
0.43
-0.19
-0.27
0.59
-0.21
350
0.0073
0.51
-0.21
-0.41
0.52
-0.21
360
0.0076
0.52
-0.22
-0.49
0.44
-0.21
370
0.0076
0.52
-0.21
-0.56
0.12
-0.11
430
0.0038
0.27
-0.12
-0.90
0.10
-0.09
440
0.0032
0.22
-0.10
-0.92
0.07
-0.07
450
0.0026
0.19
-0.09
-0.95
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 15 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.