Event risk before this expiration:Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 — 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 — 127 — is the max pain price.
Open interest by strike · Fri, Aug 14
■ calls (up)■ puts (down)MRK open contracts per strike for Fri, Aug 14.
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, Aug 14
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 14
— call IV— put IVATM ≈ 33.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 14
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, Aug 14
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.08
121
0.0301
0.04
-0.08
-0.13
0.84
-0.09
122
0.0353
0.05
-0.09
-0.16
0.80
-0.10
123
0.0407
0.06
-0.11
-0.20
0.76
-0.12
124
0.0460
0.06
-0.12
-0.24
0.71
-0.13
125
0.0508
0.07
-0.13
-0.29
0.66
-0.14
126
0.0549
0.07
-0.14
-0.35
0.60
-0.15
127
0.0579
0.08
-0.15
-0.40
0.54
-0.15
128
0.0596
0.08
-0.15
-0.46
0.48
-0.15
129
0.0599
0.08
-0.15
-0.52
0.42
-0.15
130
0.0588
0.08
-0.15
-0.58
0.37
-0.14
131
0.0564
0.08
-0.14
-0.64
0.31
-0.13
132
0.0529
0.07
-0.13
-0.69
0.27
-0.12
133
0.0486
0.07
-0.12
-0.74
0.22
-0.11
134
0.0439
0.06
-0.11
-0.78
0.19
-0.10
135
0.0390
0.06
-0.10
-0.82
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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.