Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 — 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 — 440 — is the max pain price.
Open interest by strike · Fri, Dec 4
■ calls (up)■ puts (down)TSM open contracts per strike for Fri, Dec 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 4
— call IV— put IVATM ≈ 33.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.85
-0.15
395
0.0047
0.33
-0.16
-0.15
0.82
-0.17
400
0.0052
0.37
-0.18
-0.18
0.80
-0.18
405
0.0058
0.40
-0.19
-0.21
0.77
-0.20
410
0.0063
0.43
-0.20
-0.24
0.73
-0.21
415
0.0068
0.46
-0.22
-0.27
0.70
-0.22
420
0.0073
0.49
-0.23
-0.31
0.66
-0.23
425
0.0077
0.52
-0.24
-0.35
0.62
-0.24
430
0.0081
0.53
-0.25
-0.39
0.58
-0.25
435
0.0083
0.55
-0.25
-0.43
0.54
-0.25
440
0.0085
0.56
-0.25
-0.47
0.49
-0.25
445
0.0086
0.56
-0.25
-0.52
0.45
-0.25
450
0.0086
0.56
-0.25
-0.56
0.41
-0.24
455
0.0084
0.54
-0.24
-0.60
0.37
-0.23
460
0.0082
0.53
-0.24
-0.64
0.33
-0.22
465
0.0079
0.51
-0.23
-0.68
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 55 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.