■ 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 — 325 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)HLT open contracts per strike for Fri, Sep 25.
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 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 22.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.06
295
0.0047
0.13
-0.06
-0.07
0.91
-0.07
300
0.0060
0.16
-0.07
-0.09
0.88
-0.08
305
0.0076
0.19
-0.09
-0.12
0.84
-0.10
310
0.0095
0.23
-0.10
-0.16
0.74
-0.12
320
0.0141
0.31
-0.13
-0.27
0.67
-0.13
325
0.0163
0.35
-0.14
-0.34
0.58
-0.14
330
0.0181
0.37
-0.14
-0.42
0.49
-0.14
335
0.0189
0.38
-0.14
-0.52
0.31
-0.12
345
0.0170
0.34
-0.13
-0.71
0.23
-0.11
350
0.0147
0.29
-0.11
-0.79
0.17
-0.09
355
0.0122
0.25
-0.09
-0.85
0.09
-0.06
365
0.0076
0.17
-0.07
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 16 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.