Event risk before this expiration: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 — 42.5 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)SPHR open contracts per strike for Fri, Jan 15. Showing the 46 largest of 62 strikes by open interest, 98.4% of the total.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 53.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.03
80
0.0057
0.09
-0.03
-0.10
0.87
-0.04
85
0.0074
0.11
-0.04
-0.14
0.84
-0.04
87.5
0.0084
0.12
-0.05
-0.16
0.82
-0.05
90
0.0093
0.13
-0.05
-0.18
0.76
-0.06
95
0.0111
0.16
-0.06
-0.24
0.70
-0.06
100
0.0128
0.18
-0.06
-0.31
0.63
-0.07
105
0.0141
0.19
-0.07
-0.38
0.56
-0.07
110
0.0149
0.20
-0.07
-0.46
0.48
-0.07
115
0.0151
0.20
-0.07
-0.53
0.41
-0.07
120
0.0147
0.20
-0.07
-0.60
0.35
-0.06
125
0.0140
0.19
-0.07
-0.67
0.29
-0.06
130
0.0129
0.17
-0.06
-0.73
0.24
-0.05
135
0.0117
0.16
-0.06
-0.78
0.20
-0.05
140
0.0104
0.14
-0.05
-0.82
0.17
-0.04
145
0.0092
0.13
-0.05
-0.86
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 46 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.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
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.