■ 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 — 55 — is the max pain price.
Open interest by strike · Thu, Jun 17
■ calls (up)■ puts (down)IIPR open contracts per strike for Thu, Jun 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 · Thu, Jun 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Jun 17
— call IV— put IVATM ≈ 38.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Jun 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 · Thu, Jun 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
30
0.0001
0.00
-0.00
-0.06
1.00
—
35
0.0014
0.01
-0.01
-0.10
0.96
-0.00
40
0.0080
0.04
-0.01
-0.16
0.87
-0.01
45
0.0185
0.09
-0.01
-0.25
0.74
-0.01
50
0.0244
0.15
-0.01
-0.35
0.60
-0.01
55
0.0251
0.18
-0.01
-0.46
0.48
-0.01
60
0.0243
0.19
-0.01
-0.56
0.38
-0.01
65
0.0226
0.18
-0.01
-0.66
0.29
-0.01
70
0.0202
0.17
-0.01
-0.74
0.22
-0.01
75
0.0173
0.14
-0.01
-0.80
0.17
-0.01
80
0.0145
0.12
-0.00
-0.85
0.13
-0.01
85
0.0120
0.10
-0.00
-0.89
0.10
-0.01
90
0.0099
0.09
0.00
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.