■ 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 — 160 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)RJF open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 23.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.01
145
0.0048
0.14
-0.02
-0.08
0.90
-0.02
150
0.0061
0.17
-0.03
-0.10
0.87
-0.02
155
0.0078
0.20
-0.03
-0.13
0.83
-0.03
160
0.0097
0.24
-0.03
-0.17
0.78
-0.03
165
0.0119
0.28
-0.04
-0.22
0.71
-0.04
170
0.0142
0.32
-0.04
-0.28
0.64
-0.04
175
0.0163
0.35
-0.04
-0.36
0.56
-0.04
180
0.0180
0.37
-0.04
-0.45
0.46
-0.04
185
0.0188
0.37
-0.04
-0.54
0.37
-0.04
190
0.0184
0.35
-0.04
-0.64
0.28
-0.03
195
0.0168
0.32
-0.03
-0.73
0.21
-0.03
200
0.0144
0.27
-0.03
-0.80
0.11
-0.02
210
0.0092
0.18
-0.01
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 21 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.