■ 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, Aug 7
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Aug 7.
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, Aug 7
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 7
— call IV— put IVATM ≈ 61.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 7
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, Aug 7
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.70
-0.69
375
0.0087
0.23
-0.70
-0.30
0.66
-0.74
380
0.0092
0.24
-0.74
-0.34
0.63
-0.76
382.5
0.0094
0.25
-0.76
-0.37
0.61
-0.78
385
0.0096
0.25
-0.78
-0.39
0.58
-0.79
387.5
0.0098
0.25
-0.79
-0.42
0.56
-0.80
390
0.0099
0.26
-0.80
-0.44
0.54
-0.80
392.5
0.0100
0.26
-0.81
-0.47
0.51
-0.81
395
0.0100
0.26
-0.81
-0.49
0.48
-0.81
397.5
0.0100
0.26
-0.81
-0.52
0.46
-0.80
400
0.0100
0.26
-0.81
-0.54
0.41
-0.79
405
0.0098
0.25
-0.79
-0.59
0.37
-0.76
410
0.0094
0.25
-0.76
-0.64
0.34
-0.74
412.5
0.0092
0.24
-0.74
-0.66
0.32
-0.72
415
0.0090
0.23
-0.73
-0.68
0.28
-0.68
420
0.0084
0.22
-0.68
-0.72
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 50 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.