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 — 330 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)LH open contracts per strike for Fri, May 21.
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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 25.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.01
250
0.0022
0.39
-0.03
-0.09
0.89
-0.02
260
0.0027
0.47
-0.03
-0.11
0.86
-0.02
270
0.0034
0.56
-0.04
-0.15
0.82
-0.03
280
0.0040
0.65
-0.04
-0.19
0.77
-0.04
290
0.0047
0.74
-0.05
-0.23
0.72
-0.04
300
0.0053
0.83
-0.05
-0.29
0.66
-0.05
310
0.0058
0.90
-0.05
-0.35
0.60
-0.05
320
0.0062
0.95
-0.06
-0.41
0.54
-0.05
330
0.0065
0.97
-0.06
-0.48
0.48
-0.05
340
0.0066
0.98
-0.06
-0.55
0.41
-0.05
350
0.0064
0.96
-0.06
-0.62
0.36
-0.05
360
0.0062
0.92
-0.05
-0.69
0.30
-0.05
370
0.0058
0.86
-0.05
-0.75
0.26
-0.04
380
0.0053
0.80
-0.04
-0.81
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 17 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.