■ 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 — 104 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)HSBC open contracts per strike for Fri, Sep 11.
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 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 11
— call IV— put IVATM ≈ 22.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 11
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 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.90
-0.03
93
0.0192
0.05
-0.03
-0.11
0.87
-0.03
95
0.0249
0.06
-0.03
-0.14
0.85
-0.03
96
0.0285
0.07
-0.03
-0.15
0.80
-0.03
98
0.0372
0.08
-0.04
-0.21
0.63
-0.04
102
0.0575
0.11
-0.04
-0.38
0.57
-0.04
103
0.0609
0.12
-0.04
-0.44
0.51
-0.04
104
0.0624
0.12
-0.04
-0.50
0.44
-0.04
105
0.0618
0.12
-0.04
-0.57
0.33
-0.04
107
0.0554
0.11
-0.04
-0.68
0.29
-0.04
108
0.0508
0.10
-0.04
-0.73
0.21
-0.03
110
0.0410
0.09
-0.03
-0.81
0.18
-0.03
111
0.0364
0.08
-0.03
-0.84
0.05
-0.02
120
0.0121
0.03
-0.01
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.