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 — 550 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)MSCI open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 27.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.12
550
0.0026
1.16
-0.12
-0.23
0.75
-0.12
560
0.0028
1.24
-0.12
-0.26
0.72
-0.13
570
0.0030
1.31
-0.13
-0.29
0.69
-0.13
580
0.0032
1.38
-0.14
-0.32
0.65
-0.14
590
0.0034
1.43
-0.14
-0.35
0.62
-0.14
600
0.0036
1.48
-0.14
-0.39
0.58
-0.14
610
0.0037
1.52
-0.15
-0.43
0.55
-0.14
620
0.0038
1.54
-0.15
-0.47
0.51
-0.14
630
0.0038
1.55
-0.15
-0.51
0.47
-0.14
640
0.0038
1.54
-0.15
-0.55
0.43
-0.14
650
0.0038
1.53
-0.15
-0.58
0.40
-0.13
660
0.0038
1.50
-0.15
-0.63
0.36
-0.13
670
0.0037
1.46
-0.14
-0.66
0.33
-0.12
680
0.0036
1.41
-0.14
-0.70
0.30
-0.12
690
0.0034
1.35
-0.13
-0.74
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.