■ 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 — 135 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)PTGX open contracts per strike for Fri, Sep 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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 43.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.04
105
0.0027
0.05
-0.05
-0.05
0.90
-0.07
120
0.0057
0.09
-0.07
-0.10
0.79
-0.10
135
0.0113
0.14
-0.10
-0.21
0.73
-0.11
140
0.0136
0.16
-0.11
-0.27
0.66
-0.11
145
0.0158
0.18
-0.12
-0.34
0.57
-0.12
150
0.0174
0.19
-0.12
-0.43
0.48
-0.12
155
0.0180
0.19
-0.12
-0.52
0.40
-0.12
160
0.0174
0.19
-0.12
-0.60
0.32
-0.11
165
0.0159
0.17
-0.11
-0.68
0.26
-0.10
170
0.0140
0.16
-0.10
-0.74
0.17
-0.08
180
0.0103
0.12
-0.08
-0.83
0.14
-0.07
185
0.0088
0.11
-0.07
-0.86
0.12
-0.07
190
0.0074
0.10
-0.07
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 14 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.