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 — 530 — is the max pain price.
Open interest by strike · Fri, Dec 17
■ calls (up)■ puts (down)MSCI open contracts per strike for Fri, Dec 17.
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, Dec 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 17
— call IV— put IVATM ≈ 29.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 17
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, Dec 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.05
510
0.0014
1.83
-0.07
-0.21
0.79
-0.05
520
0.0014
1.91
-0.07
-0.22
0.77
-0.05
530
0.0015
1.98
-0.07
-0.24
0.75
-0.06
540
0.0016
2.06
-0.07
-0.26
0.74
-0.06
550
0.0016
2.13
-0.08
-0.28
0.72
-0.06
560
0.0017
2.20
-0.08
-0.29
0.66
-0.07
590
0.0019
2.38
-0.08
-0.36
0.58
-0.08
630
0.0021
2.53
-0.09
-0.44
0.56
-0.08
640
0.0021
2.56
-0.09
-0.47
0.45
-0.08
700
0.0021
2.57
-0.09
-0.60
0.41
-0.08
720
0.0021
2.53
-0.09
-0.65
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 19 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.