■ 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 · Fri, Aug 28
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Aug 28.
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 28
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 28
— call IV— put IVATM ≈ 43.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 28
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 28
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.24
360
0.0059
0.34
-0.24
-0.22
0.75
-0.26
365
0.0064
0.36
-0.26
-0.26
0.71
-0.27
370
0.0069
0.39
-0.28
-0.29
0.68
-0.29
375
0.0073
0.41
-0.29
-0.33
0.64
-0.30
380
0.0076
0.43
-0.30
-0.37
0.60
-0.31
385
0.0078
0.44
-0.31
-0.41
0.56
-0.32
390
0.0080
0.45
-0.32
-0.45
0.52
-0.32
395
0.0080
0.46
-0.32
-0.48
0.48
-0.32
400
0.0080
0.46
-0.32
-0.53
0.44
-0.32
405
0.0080
0.45
-0.32
-0.56
0.40
-0.31
410
0.0078
0.44
-0.31
-0.60
0.37
-0.30
415
0.0076
0.43
-0.30
-0.64
0.33
-0.29
420
0.0073
0.42
-0.29
-0.67
0.30
-0.28
425
0.0069
0.40
-0.28
-0.70
0.27
-0.27
430
0.0066
0.38
-0.26
-0.74
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.