Event risk before this expiration:CPI release Wed, Oct 14 — 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 — 140 — is the max pain price.
Open interest by strike · Fri, Oct 16
■ calls (up)■ puts (down)MRK open contracts per strike for Fri, Oct 16.
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, Oct 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Oct 16
— call IV— put IVATM ≈ 31.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Oct 16
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, Oct 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.10
139
0.0325
0.03
-0.10
-0.09
0.87
-0.12
140
0.0413
0.03
-0.13
-0.13
0.83
-0.15
141
0.0513
0.04
-0.15
-0.17
0.78
-0.18
142
0.0616
0.05
-0.19
-0.23
0.71
-0.22
143
0.0708
0.05
-0.22
-0.29
0.63
-0.24
144
0.0778
0.06
-0.24
-0.37
0.55
-0.25
145
0.0819
0.06
-0.26
-0.45
0.47
-0.26
146
0.0824
0.06
-0.26
-0.53
0.39
-0.24
147
0.0796
0.06
-0.25
-0.61
0.31
-0.22
148
0.0737
0.05
-0.22
-0.69
0.25
-0.19
149
0.0654
0.05
-0.19
-0.76
0.19
-0.16
150
0.0558
0.04
-0.16
-0.82
0.08
-0.09
152.5
0.0318
0.02
-0.09
-0.92
0.04
-0.04
155
0.0156
0.01
-0.04
-0.97
0.02
-0.02
157.5
0.0083
0.01
-0.02
-0.99
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 50 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.