Event risk before this expiration: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 — 57 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)SLV 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 ≈ 33.2% · 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
0.90
-0.01
44
0.0227
0.04
-0.01
-0.10
0.88
-0.01
45
0.0271
0.04
-0.01
-0.13
0.81
-0.02
47
0.0372
0.06
-0.02
-0.19
0.77
-0.02
48
0.0424
0.06
-0.02
-0.23
0.72
-0.02
49
0.0473
0.07
-0.02
-0.28
0.67
-0.02
50
0.0514
0.07
-0.02
-0.33
0.62
-0.02
51
0.0545
0.08
-0.02
-0.39
0.56
-0.02
52
0.0564
0.08
-0.02
-0.44
0.51
-0.02
53
0.0570
0.08
-0.02
-0.50
0.45
-0.02
54
0.0563
0.08
-0.02
-0.56
0.40
-0.02
55
0.0545
0.08
-0.02
-0.61
0.35
-0.02
56
0.0518
0.08
-0.02
-0.66
0.30
-0.02
57
0.0485
0.07
-0.02
-0.71
0.27
-0.02
58
0.0449
0.07
-0.02
-0.75
0.23
-0.02
59
0.0411
0.06
-0.02
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.