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 — 460 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)MSFT open contracts per strike for Fri, Mar 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; 1 strike was in only one day’s snapshot (each keeps its largest strikes) and is left out. Biggest moves: 350 −927 · 500 +661 · 460 −267 · 450 −253
Volume by strike · Fri, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 28.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.07
460
0.0026
0.87
-0.09
-0.18
0.79
-0.08
470
0.0029
0.95
-0.10
-0.21
0.76
-0.09
480
0.0032
1.02
-0.11
-0.24
0.73
-0.10
490
0.0034
1.10
-0.11
-0.28
0.69
-0.11
500
0.0037
1.16
-0.12
-0.32
0.65
-0.11
510
0.0039
1.22
-0.12
-0.36
0.61
-0.12
520
0.0041
1.26
-0.13
-0.40
0.57
-0.12
530
0.0042
1.29
-0.13
-0.44
0.53
-0.12
540
0.0043
1.31
-0.13
-0.49
0.49
-0.12
550
0.0043
1.31
-0.13
-0.53
0.44
-0.12
560
0.0043
1.30
-0.13
-0.58
0.40
-0.12
570
0.0042
1.27
-0.12
-0.62
0.36
-0.12
580
0.0041
1.24
-0.12
-0.67
0.33
-0.11
590
0.0040
1.19
-0.11
-0.71
0.29
-0.10
600
0.0038
1.13
-0.10
-0.75
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.