■ 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 — 740 — is the max pain price.
Open interest by strike · Wed, Jul 29
■ calls (up)■ puts (down)SPY open contracts per strike for Wed, Jul 29.
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, Jul 29
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Jul 29
— call IV— put IVATM ≈ 19.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Jul 29
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, Jul 29
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.95
734
0.0329
0.11
-0.95
-0.20
0.77
-1.14
735
0.0363
0.12
-1.14
-0.23
0.73
-1.35
736
0.0397
0.13
-1.35
-0.27
0.69
-1.60
737
0.0429
0.14
-1.60
-0.31
0.65
-1.89
738
0.0459
0.14
-1.89
-0.35
0.60
-2.21
739
0.0485
0.15
-2.21
-0.40
0.56
-2.56
740
0.0507
0.15
-2.56
-0.44
0.51
-2.76
741
0.0522
0.16
-2.76
-0.49
0.45
-2.51
742
0.0529
0.15
-2.51
-0.55
0.40
-2.05
743
0.0528
0.15
-2.05
-0.60
0.34
-1.61
744
0.0515
0.14
-1.62
-0.66
0.29
-1.24
745
0.0491
0.13
-1.25
-0.72
0.24
-0.92
746
0.0455
0.12
-0.94
-0.77
0.19
-0.66
747
0.0408
0.11
-0.69
-0.82
0.14
-0.46
748
0.0352
0.09
-0.50
-0.87
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.