Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 22 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)NETG open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 171.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.04
13
0.0211
0.01
-0.04
-0.13
0.84
-0.04
14
0.0247
0.01
-0.04
-0.16
0.80
-0.05
15
0.0282
0.01
-0.05
-0.19
0.76
-0.05
16
0.0315
0.02
-0.05
-0.23
0.72
-0.06
17
0.0345
0.02
-0.06
-0.27
0.68
-0.06
18
0.0371
0.02
-0.06
-0.31
0.64
-0.06
19
0.0392
0.02
-0.06
-0.35
0.60
-0.07
20
0.0408
0.02
-0.07
-0.40
0.56
-0.07
21
0.0419
0.02
-0.07
-0.44
0.52
-0.07
22
0.0425
0.02
-0.07
-0.48
0.48
-0.07
23
0.0426
0.02
-0.07
-0.52
0.44
-0.07
24
0.0424
0.02
-0.07
-0.55
0.40
-0.06
25
0.0418
0.02
-0.06
-0.59
0.34
-0.06
27
0.0397
0.02
-0.06
-0.65
0.31
-0.06
28
0.0383
0.02
-0.06
-0.68
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.
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.