■ 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 — 40 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)STEP open contracts per strike for Fri, Sep 18.
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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 42.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.99
-0.00
22.5
0.0011
0.00
-0.01
-0.01
0.99
-0.00
25
0.0018
0.00
-0.01
-0.01
0.98
-0.01
30
0.0049
0.01
-0.01
-0.03
0.94
-0.02
35
0.0119
0.02
-0.02
-0.07
0.86
-0.04
40
0.0255
0.03
-0.04
-0.15
0.69
-0.05
45
0.0443
0.05
-0.05
-0.32
0.44
-0.05
50
0.0513
0.06
-0.05
-0.56
0.24
-0.04
55
0.0386
0.04
-0.04
-0.76
0.14
-0.03
60
0.0247
0.03
-0.03
-0.87
0.08
-0.02
65
0.0159
0.02
-0.02
-0.92
0.06
-0.02
70
0.0106
0.02
-0.01
-0.95
0.04
-0.01
75
0.0074
0.01
-0.01
-0.97
0.03
-0.01
80
0.0054
0.01
-0.01
-0.98
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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 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.