■ 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 — 15 — is the max pain price.
Open interest by strike · Fri, Dec 17
■ calls (up)■ puts (down)NOG open contracts per strike for Fri, Dec 17.
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, Dec 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 17
— call IV— put IVATM ≈ 45.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 17
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 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
10
0.0053
0.02
-0.00
-0.03
0.99
—
13
0.0038
0.00
-0.00
-0.08
0.95
-0.00
15
0.0156
0.02
-0.00
-0.12
0.85
-0.00
18
0.0226
0.06
-0.00
-0.19
0.78
-0.00
20
0.0258
0.08
-0.00
-0.24
0.72
-0.00
22
0.0287
0.09
-0.00
-0.30
0.62
-0.00
25
0.0318
0.10
-0.00
-0.40
0.56
-0.01
27
0.0329
0.11
-0.00
-0.46
0.47
-0.01
30
0.0332
0.11
-0.00
-0.54
0.42
-0.01
32
0.0327
0.11
-0.00
-0.59
0.35
-0.00
35
0.0310
0.10
-0.00
-0.67
0.25
-0.00
40
0.0270
0.09
-0.00
-0.76
0.18
-0.00
45
0.0223
0.07
-0.00
-0.84
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.