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 — 150 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)MSTR open contracts per strike for Fri, Jan 15.
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. Biggest moves: 70 +898 · 125 +250 · 200 +201 · 410 +98
Volume by strike · Fri, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 69.3% · 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
0.88
-0.06
100
0.0040
0.13
-0.06
-0.12
0.82
-0.07
110
0.0054
0.17
-0.08
-0.18
0.79
-0.08
115
0.0061
0.19
-0.09
-0.21
0.75
-0.09
120
0.0067
0.21
-0.09
-0.25
0.71
-0.10
125
0.0073
0.23
-0.10
-0.29
0.67
-0.10
130
0.0078
0.24
-0.10
-0.33
0.63
-0.11
135
0.0082
0.25
-0.11
-0.37
0.59
-0.11
140
0.0085
0.26
-0.11
-0.42
0.55
-0.11
145
0.0086
0.26
-0.11
-0.46
0.50
-0.11
150
0.0087
0.26
-0.11
-0.50
0.46
-0.11
155
0.0087
0.26
-0.11
-0.54
0.42
-0.11
160
0.0086
0.26
-0.11
-0.58
0.39
-0.11
165
0.0084
0.25
-0.11
-0.62
0.35
-0.10
170
0.0081
0.25
-0.11
-0.66
0.32
-0.10
175
0.0078
0.24
-0.10
-0.69
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.