Max pain is not shown: without its single heaviest strike it moves 6.3% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 6.3% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)MSGE open contracts per strike for Fri, Jan 15.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, Jan 15
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 35.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.01
45
0.0021
0.02
-0.01
-0.02
0.96
-0.01
50
0.0033
0.03
-0.01
-0.03
0.95
-0.01
55
0.0052
0.04
-0.01
-0.05
0.92
-0.01
60
0.0083
0.05
-0.02
-0.08
0.87
-0.02
65
0.0131
0.07
-0.02
-0.13
0.79
-0.03
70
0.0198
0.10
-0.03
-0.20
0.68
-0.03
75
0.0269
0.13
-0.03
-0.32
0.53
-0.03
80
0.0312
0.14
-0.03
-0.47
0.38
-0.03
85
0.0301
0.14
-0.03
-0.63
0.26
-0.03
90
0.0251
0.12
-0.03
-0.76
0.17
-0.02
95
0.0191
0.09
-0.02
-0.85
0.11
-0.02
100
0.0138
0.07
-0.02
-0.91
0.07
-0.01
105
0.0098
0.05
-0.01
-0.95
0.05
-0.01
110
0.0069
0.04
-0.01
-0.98
0.03
-0.01
115
0.0048
0.03
-0.01
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 16 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 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.