■ 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 — 120 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)TFII 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 ≈ 36.1% · 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
0.95
-0.03
110
0.0038
0.05
-0.04
-0.05
0.93
-0.04
115
0.0051
0.06
-0.04
-0.07
0.91
-0.04
120
0.0068
0.07
-0.05
-0.09
0.88
-0.05
125
0.0092
0.09
-0.06
-0.12
0.83
-0.06
130
0.0123
0.12
-0.07
-0.17
0.68
-0.08
140
0.0204
0.16
-0.08
-0.31
0.57
-0.09
145
0.0239
0.18
-0.09
-0.42
0.45
-0.09
150
0.0251
0.18
-0.08
-0.55
0.24
-0.07
160
0.0193
0.14
-0.07
-0.76
0.17
-0.06
165
0.0152
0.12
-0.05
-0.83
0.13
-0.05
170
0.0117
0.10
-0.04
-0.88
0.09
-0.04
175
0.0090
0.08
-0.03
-0.91
0.07
-0.04
180
0.0070
0.06
-0.03
-0.93
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.