Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 — 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 — 6 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)SNAP open contracts per strike for Fri, Dec 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 · Fri, Dec 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 79.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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 · Fri, Dec 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
0.00
1
0.0030
0.00
-0.00
-0.01
0.90
-0.00
4.5
0.1072
0.00
-0.00
-0.10
0.82
-0.01
5
0.1679
0.01
-0.01
-0.18
0.71
-0.01
5.5
0.2188
0.01
-0.01
-0.29
0.58
-0.01
6
0.2454
0.01
-0.01
-0.42
0.46
-0.01
6.5
0.2476
0.01
-0.01
-0.54
0.36
-0.01
7
0.2305
0.01
-0.01
-0.65
0.27
-0.01
7.5
0.2014
0.01
-0.01
-0.74
0.20
-0.01
8
0.1684
0.01
-0.01
-0.81
0.15
-0.01
8.5
0.1374
0.01
-0.01
-0.86
0.12
-0.00
9
0.1111
0.00
-0.00
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.