■ 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 — 12 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)MARA open contracts per strike for Fri, Sep 25.
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, Sep 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 91.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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, Sep 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
-0.00
10
0.0070
0.00
-0.00
-0.00
0.99
-0.00
10.5
0.0138
0.00
-0.00
-0.01
0.98
-0.01
11
0.0276
0.00
-0.01
-0.01
0.97
-0.01
11.5
0.0554
0.00
-0.01
-0.03
0.93
-0.02
12
0.1081
0.00
-0.02
-0.07
0.86
-0.04
12.5
0.1936
0.00
-0.04
-0.14
0.74
-0.06
13
0.2938
0.00
-0.06
-0.26
0.57
-0.08
13.5
0.3534
0.01
-0.08
-0.43
0.40
-0.08
14
0.3370
0.01
-0.08
-0.61
0.26
-0.07
14.5
0.2707
0.00
-0.07
-0.74
0.16
-0.05
15
0.1964
0.00
-0.05
-0.84
0.10
-0.04
15.5
0.1351
0.00
-0.04
-0.90
0.06
-0.02
16
0.0909
0.00
-0.02
-0.94
0.04
-0.02
16.5
0.0608
0.00
-0.02
-0.96
0.03
-0.01
17
0.0407
0.00
-0.01
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 34 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.