■ 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 — 7500 — is the max pain price.
Open interest by strike · Wed, Aug 5
■ calls (up)■ puts (down)SPX open contracts per strike for Wed, Aug 5.
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 · Wed, Aug 5
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Aug 5
— call IV— put IVATM ≈ 16.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Aug 5
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 · Wed, Aug 5
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.71
-4.38
7325
0.0017
3.71
-4.40
-0.29
0.69
-4.49
7340
0.0018
3.85
-4.50
-0.31
0.65
-4.61
7360
0.0020
4.01
-4.62
-0.35
0.60
-4.68
7385
0.0021
4.17
-4.69
-0.40
0.56
-4.69
7405
0.0022
4.26
-4.69
-0.44
0.55
-4.68
7410
0.0022
4.28
-4.68
-0.45
0.53
-4.65
7420
0.0022
4.30
-4.65
-0.47
0.51
-4.60
7430
0.0023
4.32
-4.60
-0.49
0.46
-4.46
7450
0.0024
4.30
-4.45
-0.54
0.41
-4.23
7470
0.0024
4.22
-4.23
-0.59
0.40
-4.17
7475
0.0024
4.19
-4.16
-0.60
0.39
-4.09
7480
0.0024
4.16
-4.09
-0.61
0.38
-4.02
7485
0.0024
4.12
-4.01
-0.63
0.36
-3.94
7490
0.0024
4.07
-3.93
-0.64
0.34
-3.76
7500
0.0023
3.97
-3.75
-0.66
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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 history
History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.
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.