■ 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 — 48 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)OHI open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 22.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.01
40
0.0333
0.08
-0.01
-0.21
0.76
-0.01
42
0.0420
0.10
-0.01
-0.28
0.71
-0.01
43
0.0456
0.12
-0.01
-0.33
0.66
-0.01
44
0.0485
0.12
-0.01
-0.37
0.61
-0.01
45
0.0506
0.13
-0.01
-0.42
0.56
-0.01
46
0.0517
0.13
-0.01
-0.47
0.51
-0.01
47
0.0518
0.14
-0.01
-0.52
0.46
-0.01
48
0.0512
0.14
-0.01
-0.56
0.41
-0.01
49
0.0498
0.13
-0.01
-0.61
0.36
-0.01
50
0.0478
0.13
-0.01
-0.65
0.20
-0.01
55
0.0335
0.10
-0.00
-0.81
0.10
-0.00
60
0.0206
0.06
-0.00
-0.90
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.