Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 81 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)TLT open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 13.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.88
-0.01
78
0.0773
0.05
-0.01
-0.15
0.84
-0.02
78.5
0.0926
0.05
-0.01
-0.19
0.79
-0.02
79
0.1074
0.06
-0.02
-0.23
0.74
-0.02
79.5
0.1203
0.07
-0.02
-0.29
0.68
-0.02
80
0.1301
0.08
-0.02
-0.34
0.61
-0.02
80.5
0.1359
0.09
-0.02
-0.41
0.54
-0.02
81
0.1375
0.09
-0.02
-0.47
0.47
-0.02
81.5
0.1353
0.09
-0.02
-0.54
0.41
-0.02
82
0.1296
0.09
-0.02
-0.61
0.35
-0.02
82.5
0.1212
0.08
-0.02
-0.67
0.29
-0.02
83
0.1110
0.08
-0.02
-0.73
0.24
-0.02
83.5
0.0997
0.07
-0.02
-0.78
0.20
-0.02
84
0.0881
0.07
-0.02
-0.82
0.17
-0.01
84.5
0.0769
0.06
-0.01
-0.85
0.14
-0.01
85
0.0665
0.05
-0.01
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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.