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 — 530 — is the max pain price.
Open interest by strike · Wed, Oct 28
■ calls (up)■ puts (down)SMH open contracts per strike for Wed, Oct 28.
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, Oct 28
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Oct 28
— call IV— put IVATM ≈ 42.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Oct 28
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, Oct 28
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-1.20
527.5
0.0135
0.11
-1.21
-0.18
0.79
-1.36
530
0.0152
0.12
-1.37
-0.21
0.75
-1.53
532.5
0.0170
0.13
-1.53
-0.25
0.71
-1.68
535
0.0187
0.14
-1.68
-0.29
0.66
-1.81
537.5
0.0202
0.15
-1.81
-0.34
0.61
-1.91
540
0.0215
0.16
-1.91
-0.39
0.56
-1.97
542.5
0.0224
0.16
-1.97
-0.44
0.50
-1.98
545
0.0229
0.16
-1.98
-0.50
0.44
-1.93
547.5
0.0229
0.16
-1.93
-0.56
0.39
-1.83
550
0.0223
0.16
-1.83
-0.61
0.33
-1.69
552.5
0.0213
0.15
-1.69
-0.67
0.28
-1.51
555
0.0199
0.14
-1.52
-0.72
0.23
-1.31
557.5
0.0181
0.13
-1.32
-0.77
0.12
-0.75
565
0.0121
0.08
-0.75
-0.88
0.10
-0.60
567.5
0.0102
0.07
-0.60
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 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.