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 — 220 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)TTWO open contracts per strike for Fri, Jan 15.
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, Jan 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 48.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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, Jan 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.83
-0.07
170
0.0051
0.26
-0.07
-0.18
0.80
-0.08
175
0.0056
0.29
-0.08
-0.21
0.76
-0.09
180
0.0061
0.32
-0.09
-0.24
0.73
-0.09
185
0.0066
0.34
-0.09
-0.28
0.69
-0.10
190
0.0070
0.36
-0.10
-0.32
0.65
-0.10
195
0.0074
0.38
-0.10
-0.35
0.61
-0.11
200
0.0076
0.39
-0.11
-0.40
0.54
-0.11
210
0.0079
0.41
-0.11
-0.47
0.46
-0.11
220
0.0079
0.41
-0.11
-0.55
0.39
-0.11
230
0.0076
0.39
-0.11
-0.63
0.33
-0.10
240
0.0071
0.37
-0.11
-0.69
0.27
-0.09
250
0.0065
0.34
-0.10
-0.75
0.22
-0.08
260
0.0058
0.31
-0.09
-0.80
0.18
-0.07
270
0.0051
0.27
-0.08
-0.84
0.15
-0.07
280
0.0045
0.24
-0.08
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.