Event risk before this expiration: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 — 30 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)SDGR open contracts per strike for Fri, Dec 18.
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 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 91.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
-0.01
10
0.0026
0.00
-0.01
-0.01
0.98
-0.01
12.5
0.0048
0.01
-0.01
-0.03
0.96
-0.01
15
0.0086
0.01
-0.01
-0.04
0.92
-0.01
17.5
0.0148
0.01
-0.01
-0.08
0.87
-0.02
20
0.0236
0.02
-0.02
-0.14
0.78
-0.03
22.5
0.0332
0.03
-0.03
-0.22
0.68
-0.03
25
0.0407
0.04
-0.03
-0.33
0.56
-0.04
27.5
0.0442
0.04
-0.04
-0.44
0.46
-0.04
30
0.0438
0.04
-0.04
-0.54
0.38
-0.04
32.5
0.0409
0.04
-0.04
-0.63
0.30
-0.03
35
0.0368
0.04
-0.03
-0.71
0.24
-0.03
37.5
0.0324
0.03
-0.03
-0.77
0.20
-0.03
40
0.0281
0.03
-0.03
-0.81
0.16
-0.03
42.5
0.0242
0.02
-0.03
-0.85
0.13
-0.02
45
0.0208
0.02
-0.02
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 18 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.