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, Mar 19
■ calls (up)■ puts (down)TSM 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 ≈ 35.6% · 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
0.85
-0.06
360
0.0023
0.64
-0.08
-0.15
0.83
-0.07
370
0.0026
0.71
-0.09
-0.18
0.80
-0.08
380
0.0028
0.78
-0.10
-0.21
0.76
-0.09
390
0.0031
0.85
-0.11
-0.24
0.73
-0.10
400
0.0034
0.91
-0.11
-0.28
0.69
-0.11
410
0.0036
0.96
-0.12
-0.32
0.65
-0.11
420
0.0038
1.01
-0.13
-0.36
0.61
-0.12
430
0.0039
1.04
-0.13
-0.40
0.57
-0.12
440
0.0040
1.07
-0.13
-0.44
0.53
-0.13
450
0.0041
1.09
-0.13
-0.48
0.49
-0.13
460
0.0042
1.09
-0.13
-0.52
0.46
-0.13
470
0.0041
1.08
-0.13
-0.57
0.42
-0.13
480
0.0041
1.07
-0.12
-0.61
0.38
-0.12
490
0.0040
1.04
-0.12
-0.65
0.34
-0.12
500
0.0038
1.01
-0.11
-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.