Event risk before this expiration:FOMC decision Wed, Oct 28 · 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 — 665 — 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 ≈ 17.2% · 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
0.83
-0.13
615
0.0045
0.66
-0.14
-0.18
0.81
-0.13
620
0.0050
0.72
-0.14
-0.20
0.76
-0.14
630
0.0060
0.81
-0.15
-0.25
0.71
-0.15
640
0.0071
0.90
-0.15
-0.31
0.67
-0.15
645
0.0077
0.93
-0.15
-0.34
0.64
-0.15
650
0.0083
0.98
-0.15
-0.38
0.60
-0.15
655
0.0088
0.99
-0.15
-0.42
0.55
-0.15
660
0.0092
1.02
-0.15
-0.47
0.51
-0.15
665
0.0094
1.02
-0.15
-0.51
0.46
-0.15
670
0.0095
1.02
-0.15
-0.56
0.41
-0.14
675
0.0094
1.00
-0.14
-0.61
0.37
-0.14
680
0.0091
0.98
-0.14
-0.65
0.32
-0.13
685
0.0087
0.93
-0.13
-0.69
0.28
-0.13
690
0.0081
0.87
-0.13
-0.73
0.25
-0.12
695
0.0075
0.83
-0.12
-0.77
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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.