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 — 552.5 — is the max pain price.
Open interest by strike · Wed, Nov 4
■ calls (up)■ puts (down)SMH 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 ≈ 40.3% · 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
0.70
-0.71
527.5
0.0095
0.30
-0.71
-0.30
0.68
-0.73
530
0.0099
0.31
-0.73
-0.33
0.65
-0.74
532.5
0.0102
0.32
-0.75
-0.35
0.63
-0.76
535
0.0106
0.33
-0.76
-0.38
0.60
-0.77
537.5
0.0109
0.33
-0.77
-0.40
0.57
-0.77
540
0.0112
0.34
-0.78
-0.43
0.54
-0.78
542.5
0.0114
0.34
-0.78
-0.46
0.52
-0.78
545
0.0115
0.34
-0.78
-0.48
0.46
-0.76
550
0.0116
0.34
-0.76
-0.54
0.43
-0.75
552.5
0.0116
0.34
-0.75
-0.57
0.40
-0.73
555
0.0115
0.33
-0.73
-0.60
0.37
-0.71
557.5
0.0113
0.33
-0.71
-0.63
0.34
-0.68
560
0.0111
0.32
-0.69
-0.66
0.29
-0.62
565
0.0104
0.29
-0.63
-0.71
0.26
-0.59
567.5
0.0100
0.28
-0.60
-0.74
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 54 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.