■ 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 — 22 — is the max pain price.
Open interest by strike · Fri, Aug 28
■ calls (up)■ puts (down)UMAC open contracts per strike for Fri, Aug 28.
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, Aug 28
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 28
— call IV— put IVATM ≈ 135.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 28
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, Aug 28
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.75
-0.10
29.5
0.0356
0.02
-0.10
-0.25
0.73
-0.10
30
0.0371
0.02
-0.10
-0.27
0.71
-0.11
30.5
0.0385
0.02
-0.11
-0.29
0.69
-0.11
31
0.0397
0.02
-0.11
-0.31
0.65
-0.12
32
0.0416
0.03
-0.12
-0.35
0.62
-0.12
32.5
0.0423
0.03
-0.12
-0.38
0.60
-0.13
33
0.0428
0.03
-0.13
-0.40
0.56
-0.13
34
0.0434
0.03
-0.13
-0.44
0.52
-0.13
35
0.0434
0.03
-0.13
-0.48
0.48
-0.13
36
0.0429
0.03
-0.13
-0.53
0.44
-0.13
37
0.0420
0.03
-0.13
-0.56
0.40
-0.13
38
0.0407
0.03
-0.13
-0.60
0.37
-0.13
39
0.0393
0.03
-0.13
-0.63
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 48 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.