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 — 80 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)TLT open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 13.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.01
74
0.0322
0.11
-0.01
-0.16
0.83
-0.01
75
0.0367
0.13
-0.01
-0.19
0.79
-0.01
76
0.0414
0.15
-0.01
-0.23
0.74
-0.01
77
0.0459
0.16
-0.01
-0.27
0.70
-0.01
78
0.0501
0.18
-0.01
-0.32
0.65
-0.01
79
0.0536
0.19
-0.01
-0.37
0.59
-0.01
80
0.0562
0.20
-0.01
-0.43
0.53
-0.01
81
0.0576
0.20
-0.01
-0.48
0.48
-0.01
82
0.0577
0.20
-0.01
-0.54
0.42
-0.01
83
0.0566
0.20
-0.01
-0.59
0.37
-0.01
84
0.0543
0.19
-0.01
-0.65
0.32
-0.01
85
0.0512
0.18
-0.01
-0.70
0.28
-0.01
86
0.0474
0.17
-0.01
-0.74
0.24
-0.01
87
0.0432
0.16
-0.01
-0.78
0.20
-0.01
88
0.0390
0.14
-0.01
-0.82
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 41 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.