■ 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 — 45 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)UGL open contracts per strike for Fri, Sep 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, Sep 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 42.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 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, Sep 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.02
44
0.0274
0.03
-0.02
-0.13
0.84
-0.03
45
0.0321
0.04
-0.03
-0.16
0.81
-0.03
46
0.0372
0.04
-0.03
-0.20
0.77
-0.03
47
0.0425
0.05
-0.03
-0.23
0.72
-0.03
48
0.0476
0.05
-0.03
-0.28
0.67
-0.04
49
0.0521
0.06
-0.04
-0.33
0.62
-0.04
50
0.0556
0.06
-0.04
-0.39
0.56
-0.04
51
0.0577
0.06
-0.04
-0.45
0.50
-0.04
52
0.0582
0.06
-0.04
-0.50
0.45
-0.04
53
0.0573
0.06
-0.04
-0.56
0.39
-0.04
54
0.0551
0.06
-0.04
-0.61
0.35
-0.04
55
0.0520
0.06
-0.04
-0.66
0.18
-0.03
60
0.0335
0.04
-0.03
-0.83
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 22 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.