Event risk before this expiration:FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · 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 — 62.5 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)O open contracts per strike for Fri, Jan 21.
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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 18.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.00
42.5
0.0122
0.07
-0.00
-0.11
0.90
-0.00
45
0.0156
0.11
-0.00
-0.14
0.85
-0.00
47.5
0.0192
0.15
-0.00
-0.18
0.80
-0.00
50
0.0228
0.18
-0.00
-0.23
0.73
-0.00
52.5
0.0265
0.21
-0.00
-0.29
0.66
-0.00
55
0.0298
0.23
-0.00
-0.36
0.59
-0.00
57.5
0.0323
0.25
-0.00
-0.43
0.51
-0.00
60
0.0337
0.26
-0.00
-0.51
0.43
-0.00
62.5
0.0337
0.25
-0.00
-0.59
0.35
-0.00
65
0.0324
0.24
-0.00
-0.66
0.29
-0.00
67.5
0.0299
0.22
-0.00
-0.73
0.23
-0.00
70
0.0267
0.20
-0.00
-0.78
0.18
-0.00
72.5
0.0232
0.17
-0.00
-0.83
0.15
-0.00
75
0.0199
0.15
-0.00
-0.88
0.09
-0.00
80
0.0141
0.11
0.00
-0.96
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 22 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.