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 — 7575 — is the max pain price.
Open interest by strike · Thu, Dec 31
■ calls (up)■ puts (down)SPX open contracts per strike for Thu, Dec 31.
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. Biggest moves: 9100 +2K · 7750 +2K · 8210 −1K · 8100 −980
Volume by strike · Thu, Dec 31
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Dec 31
— call IV— put IVATM ≈ 14.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Dec 31
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 · Thu, Dec 31
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.76
-1.50
7300
0.0005
10.03
-1.50
-0.24
0.71
-1.54
7400
0.0006
10.93
-1.54
-0.29
0.68
-1.55
7450
0.0006
11.36
-1.55
-0.32
0.65
-1.56
7500
0.0007
11.75
-1.56
-0.35
0.62
-1.55
7550
0.0008
12.09
-1.55
-0.38
0.58
-1.54
7600
0.0008
12.37
-1.54
-0.42
0.54
-1.51
7650
0.0008
12.55
-1.51
-0.46
0.50
-1.47
7700
0.0009
12.61
-1.47
-0.50
0.45
-1.41
7750
0.0009
12.54
-1.41
-0.55
0.41
-1.34
7800
0.0009
12.30
-1.34
-0.59
0.27
-1.04
7950
0.0008
10.55
-1.04
-0.73
0.24
-0.98
7980
0.0008
10.04
-0.98
-0.76
0.23
-0.96
7990
0.0008
9.87
-0.96
-0.77
0.23
-0.93
8000
0.0008
9.68
-0.93
-0.77
0.22
-0.91
8010
0.0008
9.50
-0.91
-0.78
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.