Event risk before this expiration:FOMC decision Wed, Oct 28 — 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 — 54 — is the max pain price.
Open interest by strike · Wed, Nov 4
■ calls (up)■ puts (down)SLV open contracts per strike for Wed, Nov 4.
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 · Wed, Nov 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Nov 4
— call IV— put IVATM ≈ 32.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Nov 4
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 · Wed, Nov 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
45
0.0173
0.01
-0.01
-0.04
0.95
-0.01
46
0.0246
0.01
-0.01
-0.05
0.93
-0.02
47
0.0349
0.01
-0.02
-0.07
0.89
-0.02
48
0.0492
0.02
-0.03
-0.11
0.84
-0.03
49
0.0674
0.03
-0.03
-0.16
0.76
-0.04
50
0.0879
0.03
-0.04
-0.24
0.67
-0.04
51
0.1063
0.04
-0.04
-0.33
0.56
-0.05
52
0.1176
0.04
-0.05
-0.45
0.44
-0.05
53
0.1181
0.04
-0.05
-0.57
0.33
-0.04
54
0.1080
0.04
-0.04
-0.68
0.23
-0.04
55
0.0907
0.03
-0.04
-0.77
0.16
-0.03
56
0.0713
0.03
-0.03
-0.85
0.11
-0.02
57
0.0536
0.02
-0.02
-0.90
0.08
-0.02
58
0.0398
0.01
-0.02
-0.93
0.04
-0.01
60
0.0227
0.01
-0.01
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 16 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.