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 — 125 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)NTES 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 ≈ 43.0% · 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
0.96
-0.03
90
0.0045
0.03
-0.03
-0.04
0.94
-0.04
95
0.0069
0.04
-0.04
-0.06
0.90
-0.05
100
0.0106
0.05
-0.05
-0.10
0.85
-0.07
105
0.0161
0.07
-0.07
-0.15
0.76
-0.08
110
0.0232
0.10
-0.08
-0.24
0.62
-0.10
115
0.0296
0.12
-0.10
-0.38
0.47
-0.10
120
0.0315
0.12
-0.10
-0.53
0.33
-0.09
125
0.0279
0.11
-0.09
-0.68
0.23
-0.08
130
0.0220
0.09
-0.08
-0.78
0.15
-0.07
135
0.0165
0.07
-0.07
-0.85
0.11
-0.06
140
0.0122
0.06
-0.06
-0.90
0.08
-0.05
145
0.0091
0.05
-0.04
-0.93
0.06
-0.04
150
0.0068
0.04
-0.04
-0.95
0.03
-0.03
160
0.0040
0.02
-0.02
-0.98
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.