■ 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 — 495 — is the max pain price.
Open interest by strike · Wed, Sep 16
■ calls (up)■ puts (down)MSFT open contracts per strike for Wed, Sep 16.
Open-interest change · 2026-09-10 → 2026-09-11
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: 505 +159 · 455 +118 · 487.5 +117 · 512.5 +109
Volume by strike · Wed, Sep 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Sep 16
— call IV— put IVATM ≈ 20.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Sep 16
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 · Wed, Sep 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.18
477.5
0.0109
0.09
-0.18
-0.08
0.90
-0.23
480
0.0140
0.11
-0.23
-0.10
0.86
-0.28
482.5
0.0175
0.13
-0.28
-0.14
0.81
-0.34
485
0.0214
0.16
-0.34
-0.19
0.76
-0.40
487.5
0.0252
0.18
-0.40
-0.24
0.69
-0.45
490
0.0286
0.21
-0.45
-0.31
0.61
-0.49
492.5
0.0312
0.22
-0.49
-0.39
0.53
-0.51
495
0.0326
0.23
-0.51
-0.47
0.45
-0.50
497.5
0.0326
0.23
-0.51
-0.55
0.37
-0.48
500
0.0312
0.22
-0.48
-0.63
0.30
-0.43
502.5
0.0286
0.20
-0.44
-0.70
0.23
-0.38
505
0.0252
0.18
-0.38
-0.77
0.18
-0.32
507.5
0.0213
0.15
-0.32
-0.83
0.13
-0.26
510
0.0174
0.13
-0.26
-0.87
0.10
-0.20
512.5
0.0138
0.10
-0.20
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.