Event risk before this expiration:FOMC decision Wed, Oct 28 · 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 — 580 — is the max pain price.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)TDY open contracts per strike for Fri, May 21.
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, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 29.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, May 21
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, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.03
400
0.0005
0.45
-0.04
-0.04
0.91
-0.06
460
0.0010
0.80
-0.07
-0.09
0.86
-0.08
500
0.0014
1.08
-0.08
-0.15
0.79
-0.10
540
0.0019
1.39
-0.10
-0.22
0.77
-0.10
550
0.0020
1.47
-0.11
-0.24
0.72
-0.11
570
0.0023
1.60
-0.12
-0.29
0.70
-0.11
580
0.0024
1.67
-0.12
-0.31
0.56
-0.12
630
0.0029
1.88
-0.13
-0.46
0.54
-0.12
640
0.0029
1.90
-0.13
-0.49
0.51
-0.12
650
0.0030
1.91
-0.14
-0.52
0.48
-0.12
660
0.0030
1.90
-0.14
-0.56
0.45
-0.12
670
0.0030
1.89
-0.13
-0.59
0.42
-0.12
680
0.0030
1.87
-0.13
-0.62
0.39
-0.11
690
0.0030
1.84
-0.13
-0.66
0.37
-0.11
700
0.0029
1.80
-0.13
-0.69
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 25 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 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.