Event risk before this expiration: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 — 100 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)ONEQ open contracts per strike for Fri, Feb 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, Feb 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Feb 19
— call IV— put IVATM ≈ 20.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Feb 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, Feb 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.02
92
0.0175
0.17
-0.02
-0.22
0.73
-0.02
95
0.0213
0.19
-0.02
-0.27
0.69
-0.02
97
0.0241
0.20
-0.02
-0.31
0.65
-0.02
99
0.0270
0.22
-0.02
-0.36
0.62
-0.02
100
0.0283
0.22
-0.02
-0.39
0.56
-0.02
102
0.0306
0.23
-0.02
-0.45
0.53
-0.02
103
0.0314
0.23
-0.02
-0.48
0.50
-0.02
104
0.0319
0.23
-0.02
-0.51
0.47
-0.02
105
0.0321
0.23
-0.02
-0.55
0.44
-0.02
106
0.0319
0.23
-0.02
-0.58
0.38
-0.02
108
0.0307
0.22
-0.02
-0.64
0.33
-0.02
110
0.0286
0.21
-0.02
-0.70
0.28
-0.02
112
0.0260
0.20
-0.02
-0.74
0.26
-0.02
113
0.0247
0.19
-0.02
-0.76
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.