Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 500 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Feb 19.
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; 10 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 530 +258 · 440 +128 · 575 +97 · 740 +90
Volume by strike · Fri, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 28.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 19
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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.72
-0.11
495
0.0039
1.00
-0.13
-0.29
0.70
-0.12
500
0.0041
1.02
-0.13
-0.31
0.68
-0.12
505
0.0042
1.06
-0.13
-0.33
0.66
-0.13
510
0.0043
1.08
-0.14
-0.35
0.63
-0.13
515
0.0045
1.10
-0.14
-0.38
0.61
-0.13
520
0.0046
1.13
-0.14
-0.40
0.59
-0.13
525
0.0046
1.15
-0.14
-0.42
0.56
-0.14
530
0.0047
1.16
-0.14
-0.45
0.54
-0.14
535
0.0048
1.17
-0.14
-0.47
0.52
-0.14
540
0.0048
1.17
-0.14
-0.50
0.49
-0.14
545
0.0048
1.17
-0.14
-0.52
0.47
-0.14
550
0.0048
1.17
-0.14
-0.55
0.45
-0.14
555
0.0048
1.16
-0.14
-0.57
0.42
-0.14
560
0.0048
1.15
-0.14
-0.60
0.40
-0.13
565
0.0048
1.13
-0.14
-0.62
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.