Max pain is not shown: without its single heaviest strike it moves 7.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Event risk before this expiration: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.
Max pain is not shown: without its single heaviest strike it moves 7.6% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)IQV open contracts per strike for Fri, Jan 15.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 38.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.03
195
0.0021
0.13
-0.04
-0.05
0.93
-0.04
200
0.0025
0.15
-0.04
-0.07
0.90
-0.05
210
0.0034
0.20
-0.06
-0.10
0.86
-0.07
220
0.0046
0.26
-0.07
-0.14
0.81
-0.08
230
0.0058
0.33
-0.09
-0.20
0.74
-0.10
240
0.0071
0.39
-0.10
-0.27
0.66
-0.11
250
0.0082
0.43
-0.11
-0.35
0.57
-0.11
260
0.0089
0.46
-0.12
-0.43
0.48
-0.12
270
0.0092
0.47
-0.12
-0.53
0.40
-0.11
280
0.0089
0.45
-0.11
-0.62
0.32
-0.10
290
0.0082
0.42
-0.10
-0.70
0.25
-0.09
300
0.0073
0.37
-0.09
-0.78
0.19
-0.08
310
0.0062
0.32
-0.08
-0.84
0.14
-0.07
320
0.0052
0.27
-0.07
-0.89
0.11
-0.05
330
0.0042
0.22
-0.06
-0.93
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 42 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.