Event risk before this expiration: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 — 420 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)TSM 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 ≈ 33.9% · 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
0.93
-0.07
360
0.0021
0.22
-0.09
-0.07
0.91
-0.09
370
0.0027
0.28
-0.10
-0.10
0.88
-0.11
380
0.0034
0.34
-0.12
-0.13
0.84
-0.13
390
0.0041
0.40
-0.14
-0.17
0.79
-0.16
400
0.0049
0.47
-0.17
-0.21
0.74
-0.18
410
0.0057
0.54
-0.18
-0.27
0.68
-0.20
420
0.0064
0.59
-0.20
-0.33
0.61
-0.21
430
0.0069
0.63
-0.21
-0.40
0.54
-0.21
440
0.0072
0.65
-0.21
-0.47
0.47
-0.21
450
0.0072
0.65
-0.21
-0.54
0.40
-0.20
460
0.0071
0.63
-0.20
-0.61
0.33
-0.19
470
0.0067
0.60
-0.19
-0.67
0.27
-0.17
480
0.0061
0.55
-0.17
-0.73
0.22
-0.16
490
0.0055
0.49
-0.15
-0.79
0.17
-0.14
500
0.0048
0.43
-0.14
-0.84
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.