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 — 750 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)SPY open contracts per strike for Fri, Mar 19.
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: 690 +2K · 820 −1K · 680 +358 · 720 +342
Volume by strike · Fri, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 15.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.73
-0.08
735
0.0038
1.59
-0.10
-0.28
0.72
-0.09
740
0.0040
1.63
-0.10
-0.30
0.70
-0.09
745
0.0042
1.66
-0.10
-0.32
0.68
-0.09
750
0.0044
1.73
-0.11
-0.34
0.66
-0.09
755
0.0046
1.77
-0.11
-0.36
0.64
-0.09
760
0.0048
1.79
-0.11
-0.38
0.62
-0.09
765
0.0050
1.82
-0.11
-0.41
0.59
-0.09
770
0.0052
1.87
-0.11
-0.44
0.57
-0.09
775
0.0053
1.88
-0.10
-0.47
0.54
-0.09
780
0.0055
1.90
-0.10
-0.49
0.51
-0.09
785
0.0056
1.91
-0.10
-0.53
0.48
-0.09
790
0.0058
1.91
-0.10
-0.56
0.46
-0.09
795
0.0058
1.90
-0.10
-0.59
0.43
-0.09
800
0.0059
1.88
-0.10
-0.63
0.40
-0.09
805
0.0059
1.86
-0.09
-0.67
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.