Event risk before this expiration:Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · 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 — 160 — is the max pain price.
Open interest by strike · Fri, Jan 19
■ calls (up)■ puts (down)SANM open contracts per strike for Fri, Jan 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, Jan 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 19
— call IV— put IVATM ≈ 68.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.81
-0.02
160
0.0012
0.85
-0.03
-0.20
0.81
-0.02
165
0.0012
0.87
-0.04
-0.21
0.80
-0.02
170
0.0012
0.90
-0.04
-0.21
0.79
-0.02
175
0.0013
0.92
-0.04
-0.22
0.78
-0.03
180
0.0013
0.94
-0.04
-0.23
0.78
-0.03
185
0.0013
0.95
-0.04
-0.24
0.76
-0.03
195
0.0014
0.99
-0.04
-0.26
0.71
-0.03
230
0.0015
1.09
-0.04
-0.32
0.69
-0.04
240
0.0016
1.12
-0.04
-0.34
0.68
-0.04
250
0.0016
1.14
-0.04
-0.35
0.67
-0.04
260
0.0016
1.16
-0.04
-0.37
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.