Event risk before this expiration:FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · 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 — 100 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)IPAR open contracts per strike for Fri, Feb 19.
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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 32.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.01
60
0.0024
0.06
-0.01
-0.04
0.90
-0.02
80
0.0054
0.13
-0.02
-0.10
0.87
-0.02
85
0.0068
0.15
-0.02
-0.13
0.83
-0.02
90
0.0087
0.18
-0.02
-0.17
0.79
-0.02
95
0.0107
0.21
-0.02
-0.21
0.73
-0.03
100
0.0130
0.24
-0.03
-0.27
0.49
-0.03
115
0.0175
0.29
-0.03
-0.52
0.41
-0.03
120
0.0172
0.28
-0.03
-0.60
0.19
-0.02
140
0.0110
0.20
-0.02
-0.83
0.14
-0.02
150
0.0083
0.17
-0.02
-0.89
0.11
-0.02
160
0.0064
0.14
-0.02
-0.93
0.09
-0.01
165
0.0057
0.12
-0.02
-0.95
0.08
-0.01
170
0.0051
0.11
-0.02
-0.96
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.