■ 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 — 685 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)MDY 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 ≈ 16.6% · 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
-0.09
675
0.0040
1.29
-0.10
-0.26
0.74
-0.10
680
0.0042
1.38
-0.10
-0.28
0.72
-0.10
685
0.0045
1.41
-0.11
-0.30
0.67
-0.10
695
0.0049
1.51
-0.11
-0.34
0.65
-0.10
700
0.0051
1.54
-0.11
-0.37
0.62
-0.10
705
0.0053
1.56
-0.11
-0.40
0.60
-0.11
710
0.0055
1.61
-0.11
-0.42
0.57
-0.11
715
0.0057
1.62
-0.12
-0.45
0.54
-0.11
720
0.0058
1.63
-0.11
-0.48
0.51
-0.11
725
0.0059
1.65
-0.11
-0.52
0.48
-0.10
730
0.0060
1.65
-0.11
-0.55
0.42
-0.10
740
0.0060
1.62
-0.11
-0.61
0.39
-0.10
745
0.0060
1.60
-0.11
-0.65
0.36
-0.10
750
0.0059
1.54
-0.10
-0.68
0.25
-0.08
770
0.0051
1.33
-0.08
-0.80
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 42 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.