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 — 16 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)TSLQ open contracts per strike for Fri, Dec 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 73.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.97
-0.01
10
0.0146
0.01
-0.01
-0.04
0.95
-0.01
11
0.0205
0.01
-0.01
-0.06
0.93
-0.01
12
0.0287
0.01
-0.01
-0.09
0.89
-0.01
13
0.0394
0.01
-0.01
-0.12
0.84
-0.01
14
0.0520
0.02
-0.01
-0.18
0.78
-0.01
15
0.0643
0.02
-0.01
-0.24
0.70
-0.02
16
0.0735
0.02
-0.02
-0.32
0.62
-0.02
17
0.0781
0.03
-0.02
-0.41
0.54
-0.02
18
0.0786
0.03
-0.02
-0.48
0.47
-0.02
19
0.0761
0.03
-0.02
-0.55
0.41
-0.02
20
0.0720
0.03
-0.02
-0.61
0.36
-0.02
21
0.0671
0.03
-0.02
-0.67
0.32
-0.02
22
0.0620
0.02
-0.02
-0.71
0.28
-0.02
23
0.0570
0.02
-0.02
-0.75
0.25
-0.02
24
0.0523
0.02
-0.02
-0.79
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 30 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.