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 — 7400 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)SPX open contracts per strike for Fri, Dec 18.
Open-interest change · 2026-10-28 → 2026-10-29
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot: where the walls are building and where they’re unwinding. Only strikes observed on both days are compared; 2 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 8000 +15K · 7000 +8K · 7750 +2K · 7765 +1K
Volume by strike · Fri, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 14.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.74
-1.71
7350
0.0006
9.15
-1.71
-0.26
0.72
-1.74
7400
0.0007
9.60
-1.74
-0.28
0.69
-1.76
7450
0.0007
10.03
-1.76
-0.31
0.65
-1.77
7500
0.0008
10.42
-1.77
-0.35
0.62
-1.77
7550
0.0008
10.77
-1.77
-0.38
0.58
-1.75
7600
0.0009
11.03
-1.75
-0.42
0.53
-1.71
7650
0.0009
11.20
-1.71
-0.47
0.48
-1.65
7700
0.0010
11.23
-1.65
-0.51
0.43
-1.57
7750
0.0010
11.10
-1.57
-0.56
0.42
-1.55
7765
0.0010
11.02
-1.55
-0.58
0.38
-1.48
7800
0.0010
10.78
-1.48
-0.62
0.36
-1.42
7825
0.0010
10.55
-1.42
-0.64
0.33
-1.36
7850
0.0010
10.27
-1.36
-0.67
0.28
-1.23
7900
0.0009
9.58
-1.23
-0.72
0.19
-0.94
8000
0.0008
7.81
-0.94
-0.81
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 — nearest expiry vs price
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.
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.