■ 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 — 265 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)MCD open contracts per strike for Fri, Sep 11.
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 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 11
— call IV— put IVATM ≈ 22.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 11
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 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.02
240
0.0034
0.06
-0.03
-0.05
0.95
-0.03
245
0.0054
0.09
-0.04
-0.07
0.92
-0.04
250
0.0081
0.13
-0.05
-0.11
0.87
-0.06
255
0.0116
0.18
-0.07
-0.16
0.80
-0.08
260
0.0153
0.24
-0.08
-0.24
0.71
-0.10
265
0.0186
0.29
-0.10
-0.32
0.61
-0.11
270
0.0208
0.33
-0.10
-0.42
0.51
-0.11
275
0.0215
0.34
-0.11
-0.52
0.40
-0.11
280
0.0207
0.33
-0.10
-0.62
0.31
-0.10
285
0.0185
0.30
-0.09
-0.71
0.23
-0.08
290
0.0156
0.27
-0.08
-0.79
0.17
-0.07
295
0.0127
0.22
-0.06
-0.85
0.12
-0.06
300
0.0099
0.18
-0.05
-0.89
0.05
-0.03
315
0.0044
0.09
-0.02
-0.96
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 19 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.