■ 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 — 385 — is the max pain price.
Open interest by strike · Fri, Jul 31
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Jul 31.
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, Jul 31
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jul 31
— call IV— put IVATM ≈ 99.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jul 31
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, Jul 31
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.69
-2.21
377.5
0.0098
0.13
-2.22
-0.31
0.67
-2.31
380
0.0102
0.13
-2.32
-0.33
0.64
-2.39
382.5
0.0105
0.13
-2.40
-0.36
0.61
-2.46
385
0.0107
0.14
-2.47
-0.39
0.59
-2.52
387.5
0.0109
0.14
-2.52
-0.41
0.56
-2.55
390
0.0111
0.14
-2.56
-0.44
0.53
-2.57
392.5
0.0112
0.14
-2.58
-0.47
0.50
-2.58
395
0.0112
0.14
-2.59
-0.50
0.47
-2.57
397.5
0.0112
0.14
-2.58
-0.53
0.45
-2.54
400
0.0111
0.14
-2.55
-0.55
0.42
-2.50
402.5
0.0110
0.14
-2.51
-0.58
0.39
-2.45
405
0.0108
0.14
-2.46
-0.61
0.37
-2.38
407.5
0.0106
0.14
-2.39
-0.63
0.34
-2.30
410
0.0104
0.13
-2.31
-0.66
0.29
-2.12
415
0.0097
0.12
-2.13
-0.71
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
History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.
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.