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 — 17 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)PL 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 ≈ 90.4% · 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
0.99
—
5
0.0055
0.00
-0.00
-0.01
0.98
—
6
0.0094
0.00
-0.00
-0.02
0.94
-0.00
8
0.0258
0.01
-0.01
-0.07
0.89
-0.01
9
0.0393
0.01
-0.01
-0.11
0.83
-0.01
10
0.0549
0.01
-0.01
-0.17
0.76
-0.01
11
0.0699
0.02
-0.01
-0.24
0.67
-0.01
12
0.0814
0.02
-0.01
-0.33
0.58
-0.01
13
0.0878
0.02
-0.01
-0.42
0.50
-0.01
14
0.0893
0.02
-0.01
-0.51
0.42
-0.01
15
0.0867
0.02
-0.01
-0.58
0.35
-0.01
16
0.0815
0.02
-0.01
-0.65
0.29
-0.01
17
0.0747
0.02
-0.01
-0.71
0.24
-0.01
18
0.0673
0.02
-0.01
-0.77
0.20
-0.01
19
0.0599
0.01
-0.01
-0.81
0.17
-0.01
20
0.0528
0.01
-0.01
-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 25 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.