■ 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 — 230 — is the max pain price.
Open interest by strike · Fri, Oct 23
■ calls (up)■ puts (down)IBM open contracts per strike for Fri, Oct 23.
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, Oct 23
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Oct 23
— call IV— put IVATM ≈ 67.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Oct 23
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, Oct 23
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.40
212.5
0.0116
0.08
-0.40
-0.17
0.79
-0.45
215
0.0129
0.09
-0.45
-0.21
0.76
-0.50
217.5
0.0142
0.10
-0.50
-0.24
0.72
-0.54
220
0.0152
0.11
-0.54
-0.28
0.68
-0.58
222.5
0.0162
0.12
-0.58
-0.33
0.63
-0.61
225
0.0170
0.12
-0.61
-0.37
0.59
-0.63
227.5
0.0175
0.13
-0.63
-0.41
0.55
-0.64
230
0.0179
0.13
-0.65
-0.46
0.50
-0.65
232.5
0.0180
0.13
-0.65
-0.50
0.46
-0.64
235
0.0179
0.13
-0.64
-0.55
0.41
-0.63
237.5
0.0176
0.13
-0.63
-0.59
0.37
-0.60
240
0.0171
0.12
-0.61
-0.63
0.33
-0.58
242.5
0.0164
0.12
-0.58
-0.67
0.29
-0.55
245
0.0155
0.11
-0.55
-0.71
0.26
-0.51
247.5
0.0146
0.10
-0.51
-0.75
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 54 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.