■ 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 — 532.5 — is the max pain price.
Open interest by strike · Wed, Nov 4
■ calls (up)■ puts (down)MSFT open contracts per strike for Wed, Nov 4.
Open-interest change · 2026-10-28 → 2026-10-29
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. Only strikes observed on both days are compared; 8 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 590 +2K · 540 +1K · 585 +636 · 535 +321
Volume by strike · Wed, Nov 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Nov 4
— call IV— put IVATM ≈ 26.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 4
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, Nov 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.33
510
0.0111
0.15
-0.34
-0.14
0.80
-0.42
515
0.0145
0.19
-0.43
-0.20
0.77
-0.47
517.5
0.0162
0.21
-0.48
-0.23
0.72
-0.52
520
0.0179
0.23
-0.53
-0.28
0.68
-0.56
522.5
0.0193
0.25
-0.56
-0.32
0.63
-0.59
525
0.0204
0.26
-0.60
-0.37
0.58
-0.61
527.5
0.0212
0.27
-0.62
-0.42
0.52
-0.63
530
0.0216
0.27
-0.63
-0.48
0.47
-0.62
532.5
0.0216
0.27
-0.63
-0.53
0.42
-0.61
535
0.0212
0.27
-0.61
-0.59
0.36
-0.58
537.5
0.0205
0.26
-0.58
-0.64
0.32
-0.55
540
0.0194
0.24
-0.55
-0.69
0.27
-0.51
542.5
0.0180
0.23
-0.50
-0.73
0.23
-0.46
545
0.0165
0.21
-0.45
-0.78
0.19
-0.41
547.5
0.0148
0.19
-0.40
-0.81
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 57 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.