■ 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 — 63 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)MDLZ 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 ≈ 22.6% · 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
0.92
-0.01
57
0.0283
0.03
-0.01
-0.08
0.90
-0.01
58
0.0357
0.03
-0.01
-0.10
0.88
-0.02
59
0.0460
0.04
-0.02
-0.12
0.83
-0.02
60
0.0599
0.04
-0.02
-0.17
0.77
-0.02
61
0.0762
0.05
-0.02
-0.23
0.69
-0.02
62
0.0920
0.06
-0.02
-0.31
0.60
-0.03
63
0.1036
0.07
-0.03
-0.41
0.49
-0.03
64
0.1079
0.07
-0.03
-0.52
0.39
-0.03
65
0.1035
0.07
-0.03
-0.62
0.29
-0.02
66
0.0913
0.06
-0.02
-0.72
0.23
-0.02
67
0.0758
0.05
-0.02
-0.79
0.15
-0.02
69
0.0501
0.04
-0.02
-0.87
0.12
-0.02
70
0.0414
0.04
-0.02
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 18 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.