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 — 115 — is the max pain price.
Open interest by strike · Fri, Sep 17
■ calls (up)■ puts (down)NOVT open contracts per strike for Fri, Sep 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, Sep 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 17
— call IV— put IVATM ≈ 51.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.01
70
0.0015
0.17
-0.02
-0.07
0.87
-0.02
90
0.0026
0.27
-0.02
-0.13
0.83
-0.02
100
0.0032
0.33
-0.03
-0.17
0.79
-0.03
110
0.0039
0.38
-0.03
-0.21
0.77
-0.03
115
0.0042
0.41
-0.03
-0.24
0.69
-0.04
130
0.0050
0.47
-0.04
-0.32
0.63
-0.04
140
0.0054
0.50
-0.04
-0.38
0.61
-0.04
145
0.0056
0.51
-0.04
-0.41
0.58
-0.04
150
0.0057
0.52
-0.04
-0.44
0.45
-0.04
175
0.0058
0.53
-0.04
-0.58
0.34
-0.04
200
0.0054
0.49
-0.04
-0.70
0.27
-0.03
220
0.0049
0.44
-0.04
-0.79
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.