■ 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 — 46 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)NVO open contracts per strike for Fri, Sep 25.
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 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 28.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.01
39
0.0351
0.02
-0.01
-0.07
0.92
-0.01
40
0.0417
0.03
-0.01
-0.10
0.87
-0.01
41
0.0468
0.03
-0.01
-0.14
0.82
-0.01
42
0.0574
0.04
-0.02
-0.19
0.75
-0.02
43
0.0687
0.05
-0.02
-0.26
0.68
-0.02
44
0.0780
0.06
-0.02
-0.34
0.59
-0.02
45
0.0843
0.06
-0.02
-0.43
0.51
-0.02
46
0.0863
0.06
-0.02
-0.52
0.43
-0.02
47
0.0838
0.06
-0.02
-0.60
0.35
-0.02
48
0.0779
0.06
-0.02
-0.68
0.28
-0.02
49
0.0701
0.05
-0.02
-0.76
0.23
-0.02
50
0.0614
0.05
-0.02
-0.82
0.18
-0.02
51
0.0526
0.04
-0.02
-0.87
0.15
-0.01
52
0.0445
0.04
-0.02
-0.91
0.12
-0.01
53
0.0375
0.03
-0.01
-0.94
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.