Max pain is not shown: without its single heaviest strike it moves 11.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
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.
Max pain is not shown: without its single heaviest strike it moves 11.5% of spot, more than the 5% we allow, so one strike decides it. Walls and gamma still print.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)SPHR open contracts per strike for Fri, Jan 21.
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 21
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 55.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.02
85
0.0042
0.35
-0.02
-0.22
0.77
-0.02
90
0.0045
0.37
-0.02
-0.25
0.76
-0.02
92.5
0.0046
0.39
-0.02
-0.26
0.74
-0.02
95
0.0048
0.40
-0.03
-0.28
0.73
-0.02
97.5
0.0049
0.41
-0.03
-0.29
0.71
-0.02
100
0.0050
0.42
-0.03
-0.30
0.69
-0.02
105
0.0053
0.43
-0.03
-0.34
0.66
-0.02
110
0.0055
0.45
-0.03
-0.36
0.63
-0.03
115
0.0056
0.46
-0.03
-0.40
0.61
-0.03
120
0.0058
0.47
-0.03
-0.42
0.58
-0.03
125
0.0059
0.48
-0.03
-0.45
0.55
-0.03
130
0.0059
0.48
-0.03
-0.48
0.53
-0.03
135
0.0060
0.48
-0.03
-0.51
0.51
-0.03
140
0.0060
0.48
-0.03
-0.54
0.48
-0.03
145
0.0060
0.48
-0.03
-0.57
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 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.