■ 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 — 445 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Sep 18.
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: 475 +594 · 510 +588 · 492.5 +442 · 530 +408
Volume by strike · Fri, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 22.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 18
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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.11
465
0.0048
0.07
-0.11
-0.04
0.93
-0.16
470
0.0072
0.09
-0.16
-0.07
0.90
-0.21
475
0.0104
0.13
-0.22
-0.10
0.84
-0.29
480
0.0145
0.17
-0.29
-0.16
0.76
-0.36
485
0.0191
0.21
-0.37
-0.24
0.66
-0.43
490
0.0232
0.25
-0.43
-0.35
0.60
-0.45
492.5
0.0247
0.27
-0.45
-0.41
0.54
-0.46
495
0.0255
0.27
-0.46
-0.47
0.41
-0.44
500
0.0252
0.27
-0.45
-0.60
0.29
-0.38
505
0.0222
0.24
-0.39
-0.72
0.19
-0.30
510
0.0177
0.19
-0.31
-0.82
0.12
-0.22
515
0.0129
0.14
-0.22
-0.89
0.07
-0.15
520
0.0088
0.10
-0.15
-0.94
0.04
-0.10
525
0.0057
0.07
-0.09
-0.96
0.03
-0.06
530
0.0037
0.04
-0.05
-0.98
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 — 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.