■ 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 — 75 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)PARR open contracts per strike for Fri, May 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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 57.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.01
40
0.0031
0.09
-0.01
-0.07
0.86
-0.01
50
0.0052
0.14
-0.02
-0.13
0.82
-0.02
55
0.0063
0.17
-0.02
-0.17
0.78
-0.02
60
0.0074
0.19
-0.02
-0.22
0.73
-0.02
65
0.0084
0.21
-0.02
-0.27
0.63
-0.03
75
0.0098
0.24
-0.03
-0.37
0.58
-0.03
80
0.0102
0.25
-0.03
-0.42
0.53
-0.03
85
0.0103
0.26
-0.03
-0.47
0.49
-0.03
90
0.0104
0.26
-0.03
-0.52
0.45
-0.03
95
0.0102
0.26
-0.03
-0.56
0.41
-0.03
100
0.0100
0.25
-0.03
-0.60
0.31
-0.03
115
0.0090
0.23
-0.02
-0.71
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.