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 — 754 — is the max pain price.
Open interest by strike · Thu, Dec 31
■ calls (up)■ puts (down)SPY open contracts per strike for Thu, Dec 31.
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; 2 strikes were in only one day’s snapshot (each keeps its largest strikes) and are left out. Biggest moves: 750 +315 · 735 −306 · 825 +187 · 830 +170
Volume by strike · Thu, Dec 31
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Thu, Dec 31
— call IV— put IVATM ≈ 14.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Thu, Dec 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 · Thu, Dec 31
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.78
-0.13
735
0.0052
0.97
-0.14
-0.23
0.76
-0.13
740
0.0056
1.01
-0.14
-0.25
0.73
-0.14
745
0.0061
1.06
-0.14
-0.28
0.71
-0.14
750
0.0066
1.12
-0.14
-0.30
0.68
-0.14
755
0.0071
1.16
-0.14
-0.34
0.64
-0.14
760
0.0076
1.21
-0.15
-0.37
0.61
-0.14
765
0.0081
1.24
-0.14
-0.41
0.57
-0.14
770
0.0085
1.27
-0.14
-0.45
0.52
-0.14
775
0.0089
1.28
-0.14
-0.49
0.48
-0.14
780
0.0092
1.28
-0.14
-0.54
0.43
-0.13
785
0.0093
1.27
-0.13
-0.59
0.38
-0.12
790
0.0092
1.23
-0.13
-0.64
0.29
-0.11
800
0.0086
1.11
-0.12
-0.74
0.27
-0.10
802
0.0084
1.08
-0.11
-0.76
0.24
-0.10
805
0.0080
1.03
-0.11
-0.79
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.