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 — 743 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)SPY open contracts per strike for Fri, Dec 18.
Open-interest change · 2026-10-27 → 2026-10-28
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: 810 +32K · 720 +3K · 760 −1K · 450 +737
Volume by strike · Fri, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 14.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 18
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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.80
-0.14
735
0.0054
0.82
-0.15
-0.21
0.78
-0.14
740
0.0059
0.85
-0.15
-0.23
0.75
-0.15
745
0.0064
0.93
-0.15
-0.26
0.72
-0.15
750
0.0070
0.95
-0.16
-0.29
0.69
-0.15
755
0.0077
1.02
-0.16
-0.32
0.66
-0.16
760
0.0083
1.05
-0.16
-0.36
0.62
-0.16
765
0.0089
1.10
-0.16
-0.40
0.57
-0.16
770
0.0095
1.13
-0.16
-0.45
0.52
-0.15
775
0.0099
1.14
-0.16
-0.49
0.47
-0.15
780
0.0103
1.14
-0.15
-0.55
0.42
-0.14
785
0.0104
1.12
-0.15
-0.60
0.37
-0.14
790
0.0102
1.09
-0.14
-0.66
0.27
-0.11
800
0.0092
0.94
-0.12
-0.77
0.22
-0.10
805
0.0085
0.86
-0.12
-0.83
0.18
-0.09
810
0.0076
0.79
-0.12
-0.88
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.