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 — 22.5 — is the max pain price.
Open interest by strike · Fri, Dec 17
■ calls (up)■ puts (down)SNY open contracts per strike for Fri, Dec 17.
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 17
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 17
— call IV— put IVATM ≈ 25.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 17
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 17
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
22.5
0.0016
0.01
-0.00
-0.04
0.99
—
25
0.0036
0.01
-0.00
-0.05
0.98
—
27.5
0.0070
0.03
-0.00
-0.08
0.95
0.00
30
0.0123
0.05
-0.00
-0.12
0.90
-0.00
32.5
0.0193
0.07
-0.00
-0.17
0.83
-0.00
35
0.0270
0.10
-0.00
-0.24
0.75
-0.00
37.5
0.0338
0.14
-0.01
-0.33
0.66
-0.00
40
0.0382
0.15
-0.01
-0.42
0.56
-0.01
42.5
0.0400
0.17
-0.01
-0.52
0.46
-0.01
45
0.0396
0.17
-0.01
-0.62
0.38
-0.00
47.5
0.0375
0.16
-0.00
-0.71
0.31
-0.00
50
0.0343
0.15
-0.00
-0.79
0.25
-0.00
52.5
0.0305
0.14
-0.00
-0.84
0.20
-0.00
55
0.0266
0.12
-0.00
-0.89
0.16
-0.00
57.5
0.0227
0.10
—
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 19 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.