■ 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 — 20 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)MAC open contracts per strike for Fri, Dec 18.
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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 31.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.00
18
0.0269
0.02
-0.00
-0.10
0.89
-0.01
19
0.0340
0.03
-0.01
-0.12
0.85
-0.01
20
0.0427
0.03
-0.01
-0.15
0.81
-0.01
21
0.0532
0.04
-0.01
-0.20
0.75
-0.01
22
0.0650
0.04
-0.01
-0.26
0.68
-0.01
23
0.0765
0.05
-0.01
-0.33
0.60
-0.01
24
0.0853
0.05
-0.01
-0.41
0.51
-0.01
25
0.0890
0.06
-0.01
-0.50
0.43
-0.01
26
0.0874
0.06
-0.01
-0.58
0.35
-0.01
27
0.0816
0.05
-0.01
-0.65
0.29
-0.01
28
0.0735
0.05
-0.01
-0.72
0.23
-0.01
29
0.0646
0.04
-0.01
-0.77
0.19
-0.01
30
0.0559
0.04
-0.01
-0.82
0.15
-0.01
31
0.0478
0.03
-0.01
-0.85
0.12
-0.00
32
0.0406
0.03
-0.00
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.