■ 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 — 90 — is the max pain price.
Open interest by strike · Fri, Dec 17
■ calls (up)■ puts (down)RYTM open contracts per strike for Fri, Dec 17.
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 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 17
— call IV— put IVATM ≈ 53.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 17
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 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.00
55
0.0016
0.17
-0.01
-0.06
0.92
-0.01
60
0.0019
0.20
-0.01
-0.08
0.90
-0.01
65
0.0023
0.23
-0.01
-0.10
0.81
-0.01
85
0.0036
0.36
-0.02
-0.19
0.79
-0.02
90
0.0039
0.39
-0.02
-0.22
0.74
-0.02
100
0.0044
0.43
-0.02
-0.27
0.71
-0.02
105
0.0047
0.46
-0.03
-0.30
0.69
-0.02
110
0.0049
0.47
-0.03
-0.33
0.61
-0.03
125
0.0053
0.51
-0.03
-0.41
0.52
-0.03
145
0.0055
0.53
-0.03
-0.52
0.50
-0.03
150
0.0056
0.53
-0.03
-0.54
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.