■ 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 — 108 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)SCHW open contracts per strike for Fri, Sep 25.
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 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 23.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.85
-0.03
103
0.0298
0.07
-0.03
-0.15
0.82
-0.04
104
0.0342
0.08
-0.04
-0.18
0.79
-0.04
105
0.0387
0.09
-0.04
-0.22
0.75
-0.04
106
0.0432
0.10
-0.04
-0.26
0.70
-0.04
107
0.0474
0.11
-0.05
-0.30
0.65
-0.05
108
0.0511
0.11
-0.05
-0.35
0.60
-0.05
109
0.0540
0.12
-0.05
-0.41
0.55
-0.05
110
0.0559
0.12
-0.05
-0.46
0.49
-0.05
111
0.0566
0.12
-0.05
-0.52
0.43
-0.05
112
0.0560
0.12
-0.05
-0.58
0.38
-0.05
113
0.0542
0.12
-0.05
-0.63
0.33
-0.04
114
0.0515
0.11
-0.05
-0.69
0.28
-0.04
115
0.0480
0.10
-0.04
-0.74
0.24
-0.04
116
0.0439
0.10
-0.04
-0.78
0.20
-0.04
117
0.0395
0.09
-0.04
-0.82
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 30 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.