■ 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 — 25 — is the max pain price.
Open interest by strike · Fri, Feb 19
■ calls (up)■ puts (down)PSIX 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 ≈ 88.4% · 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
0.98
-0.00
15
0.0027
0.02
-0.01
-0.03
0.96
-0.01
17.5
0.0039
0.03
-0.01
-0.05
0.93
-0.01
20
0.0053
0.04
-0.01
-0.08
0.91
-0.01
22.5
0.0066
0.05
-0.01
-0.11
0.87
-0.01
25
0.0080
0.06
-0.02
-0.14
0.81
-0.02
30
0.0105
0.08
-0.02
-0.21
0.73
-0.02
35
0.0124
0.10
-0.02
-0.28
0.66
-0.03
40
0.0138
0.11
-0.03
-0.35
0.59
-0.03
45
0.0147
0.12
-0.03
-0.42
0.53
-0.03
50
0.0151
0.12
-0.03
-0.49
0.47
-0.03
55
0.0151
0.12
-0.03
-0.55
0.42
-0.03
60
0.0148
0.12
-0.03
-0.61
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.