Event risk before this expiration: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 — 860 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)MCK 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 ≈ 33.5% · 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
0.76
-0.41
920
0.0024
1.14
-0.41
-0.24
0.73
-0.43
930
0.0026
1.20
-0.43
-0.27
0.71
-0.44
940
0.0027
1.26
-0.45
-0.29
0.68
-0.46
950
0.0028
1.31
-0.47
-0.32
0.65
-0.47
960
0.0030
1.35
-0.48
-0.35
0.62
-0.48
970
0.0031
1.39
-0.49
-0.38
0.59
-0.49
980
0.0031
1.42
-0.50
-0.42
0.56
-0.49
990
0.0032
1.44
-0.50
-0.45
0.52
-0.50
1000
0.0032
1.45
-0.50
-0.48
0.49
-0.50
1010
0.0033
1.45
-0.50
-0.51
0.46
-0.49
1020
0.0033
1.45
-0.50
-0.55
0.43
-0.48
1030
0.0032
1.43
-0.49
-0.58
0.40
-0.47
1040
0.0032
1.41
-0.48
-0.61
0.37
-0.46
1050
0.0031
1.37
-0.47
-0.64
0.34
-0.45
1060
0.0030
1.33
-0.46
-0.67
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 55 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.