■ 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 — 765 — is the max pain price.
Open interest by strike · Thu, Nov 5
■ calls (up)■ puts (down)SPY open contracts per strike for Thu, Nov 5.
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, Nov 5
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Nov 5
— call IV— put IVATM ≈ 13.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Nov 5
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, Nov 5
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.95
-0.12
735
0.0041
0.12
-0.12
-0.04
0.94
-0.15
740
0.0056
0.15
-0.15
-0.06
0.91
-0.19
745
0.0076
0.19
-0.19
-0.09
0.88
-0.23
750
0.0102
0.24
-0.24
-0.12
0.83
-0.29
755
0.0134
0.29
-0.29
-0.17
0.77
-0.34
760
0.0173
0.35
-0.34
-0.23
0.68
-0.38
765
0.0214
0.41
-0.38
-0.32
0.57
-0.39
770
0.0251
0.45
-0.40
-0.43
0.44
-0.37
775
0.0268
0.45
-0.38
-0.57
0.30
-0.31
780
0.0251
0.40
-0.32
-0.71
0.18
-0.21
785
0.0198
0.31
-0.24
-0.84
0.09
-0.13
790
0.0129
0.20
-0.15
-0.94
0.04
-0.07
795
0.0071
0.12
-0.08
-0.99
0.02
-0.03
800
0.0036
0.06
-0.08
-1.00
0.01
-0.02
805
0.0021
0.04
-0.08
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 29 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.