■ 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 — 450 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Sep 18.
Open-interest change · 2026-09-15 → 2026-09-16
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot — where the walls are building and where they’re unwinding. Biggest moves: 507.5 +5K · 590 −2K · 530 −2K · 500 −966
Volume by strike · Fri, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 29.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
-0.08
460
0.0027
0.01
-0.08
-0.02
0.97
-0.12
465
0.0045
0.02
-0.13
-0.03
0.95
-0.21
470
0.0077
0.04
-0.22
-0.05
0.91
-0.40
475
0.0135
0.06
-0.40
-0.09
0.83
-0.71
480
0.0220
0.09
-0.71
-0.17
0.70
-1.06
485
0.0310
0.13
-1.07
-0.30
0.53
-1.26
490
0.0362
0.14
-1.28
-0.47
0.44
-1.23
492.5
0.0361
0.14
-1.26
-0.56
0.35
-1.13
495
0.0342
0.14
-1.15
-0.65
0.27
-0.96
497.5
0.0306
0.12
-0.98
-0.74
0.20
-0.76
500
0.0260
0.10
-0.78
-0.81
0.15
-0.58
502.5
0.0210
0.09
-0.57
-0.86
0.10
-0.42
505
0.0163
0.07
-0.40
-0.91
0.07
-0.29
507.5
0.0123
0.05
-0.28
-0.94
0.05
-0.20
510
0.0091
0.04
-0.19
-0.96
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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 history — nearest expiry vs price
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.
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.