■ 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 — 397.5 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)UNH open contracts per strike for Fri, Sep 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 4
— call IV— put IVATM ≈ 27.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.21
382.5
0.0120
0.14
-0.22
-0.14
0.83
-0.24
385
0.0140
0.16
-0.25
-0.17
0.80
-0.28
387.5
0.0160
0.18
-0.28
-0.20
0.76
-0.30
390
0.0180
0.20
-0.31
-0.25
0.71
-0.33
392.5
0.0198
0.22
-0.34
-0.29
0.66
-0.35
395
0.0214
0.23
-0.36
-0.35
0.60
-0.37
397.5
0.0226
0.24
-0.38
-0.40
0.55
-0.38
400
0.0234
0.25
-0.39
-0.46
0.49
-0.38
402.5
0.0236
0.25
-0.39
-0.52
0.43
-0.37
405
0.0233
0.25
-0.38
-0.58
0.37
-0.36
407.5
0.0225
0.24
-0.36
-0.64
0.32
-0.34
410
0.0212
0.23
-0.34
-0.69
0.27
-0.31
412.5
0.0195
0.21
-0.32
-0.74
0.23
-0.28
415
0.0177
0.19
-0.29
-0.78
0.19
-0.25
417.5
0.0157
0.17
-0.26
-0.82
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.