■ 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 — 7.5 — is the max pain price.
Open interest by strike · Fri, Sep 11
■ calls (up)■ puts (down)NVAX open contracts per strike for Fri, Sep 11.
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 11
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 11
— call IV— put IVATM ≈ 82.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 11
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 11
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
5
0.0322
0.00
-0.01
-0.04
0.94
-0.01
5.5
0.0454
0.00
-0.01
-0.06
0.89
-0.01
6.5
0.0940
0.00
-0.01
-0.11
0.84
-0.01
7
0.1363
0.01
-0.01
-0.16
0.76
-0.01
7.5
0.1913
0.01
-0.01
-0.23
0.65
-0.01
8
0.2433
0.01
-0.01
-0.35
0.52
-0.01
8.5
0.2634
0.01
-0.01
-0.48
0.40
-0.01
9
0.2464
0.01
-0.01
-0.60
0.31
-0.01
9.5
0.2125
0.01
-0.01
-0.69
0.24
-0.01
10
0.1772
0.01
-0.01
-0.76
0.19
-0.01
10.5
0.1465
0.01
-0.01
-0.81
0.15
-0.01
11
0.1211
0.01
-0.01
-0.85
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.