Event risk before this expiration:FOMC decision Wed, Oct 28 — 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 — 81 — is the max pain price.
Open interest by strike · Mon, Nov 2
■ calls (up)■ puts (down)TLT open contracts per strike for Mon, Nov 2.
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 · Mon, Nov 2
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Mon, Nov 2
— call IV— put IVATM ≈ 11.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Mon, Nov 2
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 · Mon, Nov 2
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.01
78
0.0364
0.01
-0.01
-0.05
0.96
-0.01
78.5
0.0537
0.01
-0.01
-0.07
0.93
-0.01
79
0.0816
0.02
-0.01
-0.11
0.89
-0.01
79.5
0.1225
0.03
-0.02
-0.17
0.82
-0.02
80
0.1742
0.04
-0.03
-0.25
0.72
-0.03
80.5
0.2264
0.05
-0.03
-0.36
0.60
-0.03
81
0.2622
0.05
-0.03
-0.49
0.47
-0.03
81.5
0.2674
0.05
-0.03
-0.61
0.34
-0.03
82
0.2413
0.05
-0.03
-0.73
0.24
-0.03
82.5
0.1968
0.04
-0.02
-0.81
0.17
-0.02
83
0.1501
0.03
-0.02
-0.87
0.11
-0.02
83.5
0.1108
0.03
-0.01
-0.91
0.08
-0.01
84
0.0805
0.02
-0.01
-0.94
0.06
-0.01
84.5
0.0585
0.02
-0.01
-0.96
0.04
-0.01
85
0.0421
0.01
-0.01
-0.97
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 26 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.