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 — 500 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)MDGL 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 ≈ 59.1% · 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
0.81
-0.25
370
0.0026
0.45
-0.27
-0.19
0.78
-0.28
380
0.0029
0.49
-0.29
-0.22
0.75
-0.30
390
0.0031
0.53
-0.31
-0.25
0.71
-0.32
400
0.0034
0.57
-0.33
-0.29
0.68
-0.33
410
0.0036
0.60
-0.34
-0.32
0.64
-0.35
420
0.0038
0.62
-0.35
-0.36
0.60
-0.36
430
0.0039
0.64
-0.36
-0.40
0.56
-0.36
440
0.0040
0.66
-0.37
-0.44
0.52
-0.37
450
0.0041
0.66
-0.37
-0.48
0.48
-0.37
460
0.0041
0.66
-0.37
-0.53
0.44
-0.36
470
0.0040
0.66
-0.37
-0.56
0.40
-0.36
480
0.0040
0.65
-0.36
-0.60
0.37
-0.35
490
0.0038
0.63
-0.35
-0.64
0.34
-0.34
500
0.0037
0.61
-0.34
-0.67
0.31
-0.33
510
0.0036
0.58
-0.33
-0.70
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 59 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.