■ 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 — 741 — is the max pain price.
Open interest by strike · Thu, Jul 30
■ calls (up)■ puts (down)SPY open contracts per strike for Thu, Jul 30.
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 · Thu, Jul 30
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Jul 30
— call IV— put IVATM ≈ 19.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Jul 30
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, Jul 30
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.73
-1.05
734
0.0278
0.18
-1.05
-0.27
0.70
-1.11
735
0.0294
0.19
-1.11
-0.30
0.68
-1.16
736
0.0310
0.20
-1.16
-0.33
0.65
-1.20
737
0.0324
0.20
-1.21
-0.35
0.61
-1.23
738
0.0338
0.21
-1.24
-0.39
0.58
-1.25
739
0.0350
0.21
-1.26
-0.42
0.55
-1.26
740
0.0360
0.22
-1.27
-0.46
0.51
-1.25
741
0.0368
0.22
-1.26
-0.49
0.47
-1.23
742
0.0374
0.22
-1.24
-0.53
0.43
-1.19
743
0.0376
0.22
-1.20
-0.57
0.40
-1.13
744
0.0375
0.21
-1.15
-0.61
0.36
-1.06
745
0.0370
0.21
-1.08
-0.65
0.32
-0.97
746
0.0360
0.20
-0.99
-0.69
0.28
-0.87
747
0.0346
0.19
-0.89
-0.73
0.24
-0.77
748
0.0328
0.17
-0.79
-0.77
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.