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 — 320 — is the max pain price.
Open interest by strike · Fri, Dec 17
■ calls (up)■ puts (down)IDCC open contracts per strike for Fri, Dec 17.
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 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 17
— call IV— put IVATM ≈ 47.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 17
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 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.85
-0.03
230
0.0013
0.81
-0.05
-0.15
0.79
-0.04
260
0.0017
1.00
-0.06
-0.21
0.75
-0.05
280
0.0019
1.11
-0.06
-0.26
0.73
-0.05
290
0.0020
1.16
-0.07
-0.28
0.70
-0.06
300
0.0020
1.21
-0.07
-0.30
0.68
-0.06
310
0.0021
1.25
-0.07
-0.33
0.66
-0.06
320
0.0022
1.28
-0.07
-0.35
0.64
-0.06
330
0.0022
1.31
-0.07
-0.38
0.62
-0.07
340
0.0023
1.34
-0.07
-0.40
0.59
-0.07
350
0.0023
1.36
-0.07
-0.42
0.53
-0.07
380
0.0024
1.40
-0.07
-0.49
0.47
-0.07
410
0.0024
1.40
-0.07
-0.56
0.45
-0.07
420
0.0024
1.39
-0.07
-0.58
0.43
-0.07
430
0.0024
1.38
-0.07
-0.61
0.41
-0.07
440
0.0024
1.37
-0.07
-0.63
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 24 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.