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 — 66 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)PHO open contracts per strike for Fri, Dec 18.
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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 20.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.84
-0.02
65
0.0300
0.07
-0.02
-0.15
0.82
-0.02
66
0.0350
0.07
-0.02
-0.17
0.80
-0.02
67
0.0411
0.08
-0.02
-0.20
0.77
-0.02
68
0.0486
0.09
-0.02
-0.23
0.73
-0.02
69
0.0579
0.09
-0.02
-0.27
0.68
-0.02
70
0.0687
0.10
-0.02
-0.32
0.61
-0.02
71
0.0798
0.11
-0.02
-0.39
0.53
-0.02
72
0.0874
0.11
-0.02
-0.47
0.44
-0.02
73
0.0868
0.11
-0.02
-0.56
0.37
-0.02
74
0.0790
0.11
-0.02
-0.64
0.31
-0.02
75
0.0688
0.10
-0.02
-0.70
0.27
-0.02
76
0.0592
0.09
-0.02
-0.74
0.23
-0.02
77
0.0510
0.09
-0.02
-0.78
0.18
-0.02
79
0.0389
0.08
-0.02
-0.82
0.17
-0.02
80
0.0344
0.07
-0.02
-0.84
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.