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 — 310 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)IDCC 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 ≈ 43.7% · 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
0.92
-0.07
260
0.0023
0.18
-0.08
-0.08
0.90
-0.09
270
0.0030
0.23
-0.10
-0.10
0.86
-0.11
280
0.0038
0.28
-0.12
-0.14
0.82
-0.13
290
0.0046
0.34
-0.14
-0.18
0.77
-0.15
300
0.0054
0.39
-0.16
-0.24
0.70
-0.17
310
0.0062
0.44
-0.18
-0.30
0.64
-0.19
320
0.0068
0.48
-0.20
-0.37
0.56
-0.20
330
0.0071
0.50
-0.20
-0.44
0.49
-0.20
340
0.0072
0.51
-0.21
-0.51
0.42
-0.20
350
0.0070
0.50
-0.20
-0.58
0.36
-0.20
360
0.0067
0.47
-0.20
-0.65
0.30
-0.18
370
0.0062
0.45
-0.18
-0.70
0.26
-0.17
380
0.0056
0.41
-0.17
-0.76
0.21
-0.15
390
0.0050
0.37
-0.15
-0.80
0.18
-0.14
400
0.0044
0.33
-0.14
-0.84
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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.