■ 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 — 126 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)MRK open contracts per strike for Fri, Sep 11.
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, Sep 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 11
— call IV— put IVATM ≈ 28.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 11
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, Sep 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.76
-0.05
121
0.0256
0.13
-0.05
-0.24
0.74
-0.05
122
0.0272
0.13
-0.05
-0.27
0.71
-0.05
123
0.0288
0.14
-0.06
-0.29
0.68
-0.06
124
0.0302
0.15
-0.06
-0.32
0.65
-0.06
125
0.0315
0.15
-0.06
-0.36
0.62
-0.06
126
0.0326
0.16
-0.06
-0.39
0.58
-0.06
127
0.0334
0.16
-0.06
-0.42
0.52
-0.06
129
0.0344
0.16
-0.06
-0.49
0.48
-0.06
130
0.0345
0.16
-0.06
-0.53
0.45
-0.06
131
0.0343
0.16
-0.06
-0.56
0.41
-0.06
132
0.0339
0.16
-0.06
-0.60
0.38
-0.06
133
0.0332
0.16
-0.06
-0.63
0.32
-0.06
135
0.0313
0.15
-0.06
-0.69
0.29
-0.05
136
0.0300
0.14
-0.05
-0.73
0.26
-0.05
137
0.0286
0.13
-0.05
-0.76
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 29 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.