Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 120 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)ICLR open contracts per strike for Fri, Dec 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 51.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.06
130
0.0054
0.15
-0.07
-0.14
0.83
-0.07
135
0.0063
0.17
-0.07
-0.17
0.80
-0.08
140
0.0073
0.20
-0.08
-0.20
0.75
-0.09
145
0.0083
0.22
-0.09
-0.25
0.71
-0.09
150
0.0092
0.24
-0.10
-0.29
0.66
-0.10
155
0.0100
0.26
-0.10
-0.34
0.60
-0.10
160
0.0106
0.27
-0.10
-0.40
0.55
-0.11
165
0.0110
0.28
-0.11
-0.45
0.49
-0.11
170
0.0112
0.28
-0.11
-0.51
0.44
-0.10
175
0.0111
0.28
-0.11
-0.56
0.39
-0.10
180
0.0108
0.27
-0.10
-0.62
0.34
-0.10
185
0.0104
0.26
-0.10
-0.67
0.30
-0.09
190
0.0098
0.24
-0.09
-0.71
0.26
-0.09
195
0.0091
0.23
-0.09
-0.75
0.22
-0.08
200
0.0084
0.21
-0.08
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 40 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.