■ 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 — 5 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)MESO open contracts per strike for Fri, Jan 21.
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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 92.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
—
3
0.0040
0.01
-0.00
-0.02
0.94
-0.00
5
0.0067
0.02
-0.00
-0.05
0.87
-0.00
8
0.0108
0.04
-0.00
-0.11
0.83
-0.00
10
0.0132
0.04
-0.00
-0.15
0.79
-0.00
12
0.0152
0.05
-0.00
-0.19
0.72
-0.00
15
0.0176
0.06
-0.01
-0.25
0.69
-0.01
17
0.0188
0.07
-0.01
-0.29
0.63
-0.01
20
0.0201
0.07
-0.01
-0.35
0.60
-0.01
22
0.0207
0.07
-0.01
-0.38
0.56
-0.01
25
0.0212
0.07
-0.01
-0.43
0.53
-0.01
27
0.0214
0.08
-0.01
-0.46
0.49
-0.01
30
0.0215
0.08
-0.01
-0.50
0.43
-0.01
35
0.0213
0.08
-0.01
-0.57
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.