■ 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 — 4.5 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)TGB open contracts per strike for Fri, Jan 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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 103.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
0.00
2.5
0.0098
0.01
-0.00
-0.05
0.93
0.00
3
0.0129
0.01
-0.00
-0.06
0.92
-0.00
3.5
0.0165
0.01
-0.00
-0.08
0.90
-0.00
4
0.0205
0.02
-0.00
-0.10
0.88
-0.00
4.5
0.0248
0.02
-0.00
-0.12
0.86
-0.00
5
0.0294
0.02
-0.00
-0.14
0.84
-0.00
5.5
0.0341
0.02
-0.00
-0.16
0.76
-0.00
7
0.0465
0.03
-0.00
-0.25
0.59
-0.00
10
0.0586
0.04
-0.00
-0.42
0.51
-0.00
12
0.0596
0.04
-0.00
-0.52
0.41
-0.00
15
0.0566
0.04
-0.00
-0.64
0.35
-0.00
17
0.0535
0.04
-0.00
-0.71
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 16 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.