■ 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 — 135 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)SPCX open contracts per strike for Fri, Sep 25.
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, Sep 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 62.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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, Sep 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.76
-0.12
124
0.0108
0.14
-0.12
-0.24
0.75
-0.12
125
0.0111
0.14
-0.12
-0.25
0.71
-0.13
128
0.0120
0.15
-0.13
-0.29
0.69
-0.13
130
0.0125
0.16
-0.14
-0.31
0.65
-0.14
133
0.0131
0.17
-0.14
-0.35
0.63
-0.14
134
0.0133
0.17
-0.14
-0.37
0.62
-0.14
135
0.0135
0.17
-0.14
-0.38
0.55
-0.15
140
0.0140
0.18
-0.15
-0.45
0.54
-0.15
141
0.0140
0.18
-0.15
-0.47
0.52
-0.15
142
0.0140
0.18
-0.15
-0.48
0.48
-0.15
145
0.0140
0.18
-0.15
-0.52
0.44
-0.15
148
0.0138
0.18
-0.15
-0.56
0.43
-0.15
149
0.0137
0.18
-0.15
-0.57
0.42
-0.15
150
0.0136
0.17
-0.15
-0.59
0.36
-0.14
155
0.0129
0.17
-0.14
-0.65
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 47 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.