■ 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 — 743 — is the max pain price.
Open interest by strike · Fri, Jul 31
■ calls (up)■ puts (down)SPY open contracts per strike for Fri, Jul 31.
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 · Fri, Jul 31
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jul 31
— call IV— put IVATM ≈ 19.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jul 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 · Fri, Jul 31
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.56
725
0.0143
0.15
-0.56
-0.14
0.78
-0.74
730
0.0197
0.20
-0.75
-0.22
0.73
-0.83
733
0.0232
0.23
-0.85
-0.28
0.70
-0.86
734
0.0243
0.23
-0.88
-0.30
0.68
-0.89
735
0.0254
0.24
-0.91
-0.32
0.60
-0.94
738
0.0285
0.26
-0.96
-0.40
0.58
-0.95
739
0.0294
0.26
-0.97
-0.43
0.55
-0.95
740
0.0301
0.27
-0.97
-0.46
0.49
-0.93
742
0.0313
0.27
-0.95
-0.52
0.46
-0.90
743
0.0316
0.27
-0.93
-0.56
0.39
-0.84
745
0.0317
0.26
-0.86
-0.62
0.32
-0.74
747
0.0307
0.24
-0.76
-0.69
0.29
-0.68
748
0.0299
0.23
-0.70
-0.73
0.26
-0.62
749
0.0287
0.22
-0.63
-0.76
0.22
-0.55
750
0.0272
0.20
-0.56
-0.80
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.