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 — 120 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)Q open contracts per strike for Fri, Jan 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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 56.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.01
85
0.0031
0.34
-0.02
-0.17
0.81
-0.02
90
0.0033
0.37
-0.02
-0.19
0.79
-0.02
95
0.0036
0.40
-0.02
-0.21
0.77
-0.02
100
0.0038
0.42
-0.03
-0.24
0.72
-0.02
110
0.0043
0.46
-0.03
-0.29
0.69
-0.02
115
0.0045
0.48
-0.03
-0.32
0.67
-0.03
120
0.0046
0.50
-0.03
-0.34
0.65
-0.03
125
0.0048
0.51
-0.03
-0.37
0.62
-0.03
130
0.0049
0.52
-0.03
-0.40
0.60
-0.03
135
0.0050
0.53
-0.03
-0.42
0.57
-0.03
140
0.0051
0.54
-0.03
-0.45
0.53
-0.03
150
0.0052
0.55
-0.03
-0.50
0.51
-0.03
155
0.0052
0.55
-0.03
-0.52
0.49
-0.03
160
0.0052
0.55
-0.03
-0.55
0.45
-0.03
170
0.0052
0.55
-0.03
-0.59
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 19 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.