■ 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 — 390 — is the max pain price.
Open interest by strike · Mon, Aug 3
■ calls (up)■ puts (down)MSFT open contracts per strike for Mon, Aug 3.
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 · Mon, Aug 3
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Mon, Aug 3
— call IV— put IVATM ≈ 72.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Mon, Aug 3
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 · Mon, Aug 3
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.72
-1.04
375
0.0094
0.17
-1.04
-0.28
0.67
-1.13
380
0.0100
0.18
-1.13
-0.34
0.64
-1.16
382.5
0.0103
0.19
-1.16
-0.36
0.61
-1.19
385
0.0106
0.19
-1.19
-0.39
0.59
-1.21
387.5
0.0107
0.20
-1.22
-0.41
0.56
-1.23
390
0.0109
0.20
-1.23
-0.44
0.53
-1.24
392.5
0.0110
0.20
-1.24
-0.47
0.50
-1.25
395
0.0110
0.20
-1.25
-0.50
0.48
-1.24
397.5
0.0110
0.20
-1.24
-0.52
0.45
-1.23
400
0.0109
0.20
-1.24
-0.55
0.42
-1.22
402.5
0.0108
0.20
-1.22
-0.58
0.40
-1.20
405
0.0106
0.20
-1.20
-0.60
0.37
-1.17
407.5
0.0104
0.19
-1.17
-0.63
0.35
-1.14
410
0.0102
0.19
-1.14
-0.65
0.30
-1.07
415
0.0096
0.18
-1.07
-0.70
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.