Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 225 — is the max pain price.
Open interest by strike · Fri, Nov 13
■ calls (up)■ puts (down)IBM open contracts per strike for Fri, Nov 13.
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, Nov 13
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 13
— call IV— put IVATM ≈ 44.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 13
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, Nov 13
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.07
195
0.0048
0.09
-0.08
-0.09
0.90
-0.09
200
0.0063
0.11
-0.10
-0.12
0.86
-0.12
205
0.0080
0.14
-0.12
-0.16
0.81
-0.14
210
0.0097
0.17
-0.14
-0.21
0.76
-0.16
215
0.0113
0.20
-0.17
-0.27
0.69
-0.18
220
0.0127
0.22
-0.18
-0.33
0.62
-0.19
225
0.0137
0.24
-0.19
-0.40
0.55
-0.20
230
0.0143
0.25
-0.20
-0.47
0.48
-0.20
235
0.0144
0.25
-0.20
-0.54
0.41
-0.20
240
0.0140
0.25
-0.19
-0.61
0.35
-0.19
245
0.0132
0.24
-0.18
-0.67
0.29
-0.17
250
0.0122
0.22
-0.17
-0.73
0.24
-0.16
255
0.0109
0.20
-0.15
-0.78
0.19
-0.14
260
0.0096
0.17
-0.13
-0.82
0.16
-0.12
265
0.0083
0.15
-0.12
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 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.