Event risk before this expiration:FOMC decision Wed, Oct 28 · 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 — 160 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)MSTR open contracts per strike for Fri, Dec 18.
Open-interest change · 2026-10-23 → 2026-10-26
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; 2 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 150 −405 · 10 +370 · 110 −237 · 175 +204
Volume by strike · Fri, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 70.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.07
105
0.0048
0.11
-0.08
-0.12
0.85
-0.08
110
0.0058
0.13
-0.09
-0.15
0.81
-0.10
115
0.0068
0.14
-0.10
-0.19
0.77
-0.11
120
0.0078
0.16
-0.11
-0.23
0.73
-0.12
125
0.0086
0.18
-0.12
-0.28
0.68
-0.13
130
0.0094
0.19
-0.13
-0.32
0.63
-0.14
135
0.0100
0.20
-0.14
-0.38
0.57
-0.14
140
0.0104
0.21
-0.14
-0.43
0.52
-0.14
145
0.0106
0.21
-0.14
-0.48
0.47
-0.14
150
0.0106
0.21
-0.14
-0.53
0.42
-0.14
155
0.0104
0.21
-0.14
-0.58
0.38
-0.14
160
0.0101
0.20
-0.14
-0.63
0.34
-0.13
165
0.0097
0.19
-0.13
-0.67
0.30
-0.12
170
0.0091
0.18
-0.12
-0.71
0.26
-0.12
175
0.0086
0.17
-0.12
-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 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.