■ 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 — 23 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)NLY open contracts per strike for Fri, Sep 4.
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, Sep 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 4
— call IV— put IVATM ≈ 14.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 4
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, Sep 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.00
20
0.0378
0.00
-0.01
-0.04
0.95
-0.01
20.5
0.0511
0.01
-0.01
-0.05
0.94
-0.01
21
0.0710
0.01
-0.01
-0.06
0.92
-0.01
21.5
0.1022
0.01
-0.01
-0.09
0.88
-0.01
22
0.1536
0.01
-0.01
-0.12
0.82
-0.01
22.5
0.2425
0.01
-0.01
-0.18
0.70
-0.01
23
0.3932
0.02
-0.01
-0.30
0.48
-0.01
23.5
0.5303
0.02
-0.01
-0.54
0.26
-0.01
24
0.4032
0.02
-0.01
-0.78
0.14
-0.01
24.5
0.2403
0.01
-0.01
-0.90
0.09
-0.01
25
0.1477
0.01
-0.01
-0.95
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 11 strikes around the money — all 15 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.