Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 87 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)KBWB open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 23.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.03
80
0.0283
0.05
-0.03
-0.12
0.82
-0.03
82
0.0393
0.06
-0.03
-0.18
0.78
-0.03
83
0.0457
0.07
-0.03
-0.22
0.74
-0.04
84
0.0523
0.08
-0.04
-0.26
0.69
-0.04
85
0.0588
0.09
-0.04
-0.32
0.63
-0.04
86
0.0644
0.09
-0.04
-0.38
0.56
-0.04
87
0.0686
0.10
-0.04
-0.44
0.49
-0.04
88
0.0705
0.10
-0.04
-0.51
0.42
-0.04
89
0.0699
0.10
-0.04
-0.58
0.35
-0.04
90
0.0668
0.09
-0.04
-0.65
0.29
-0.03
91
0.0616
0.08
-0.03
-0.71
0.23
-0.03
92
0.0550
0.07
-0.03
-0.77
0.19
-0.03
93
0.0479
0.07
-0.03
-0.82
0.15
-0.02
94
0.0409
0.06
-0.03
-0.86
0.12
-0.02
95
0.0344
0.05
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 18 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.