■ 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 — 395 — is the max pain price.
Open interest by strike · Fri, Sep 25
■ calls (up)■ puts (down)UNH open contracts per strike for Fri, Sep 25.
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 25
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 25
— call IV— put IVATM ≈ 28.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 25
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 25
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.89
-0.12
365
0.0061
0.21
-0.13
-0.14
0.85
-0.14
370
0.0073
0.26
-0.14
-0.17
0.82
-0.16
375
0.0086
0.30
-0.16
-0.21
0.77
-0.18
380
0.0099
0.35
-0.18
-0.26
0.72
-0.20
385
0.0110
0.38
-0.19
-0.31
0.66
-0.21
390
0.0120
0.41
-0.20
-0.36
0.60
-0.22
395
0.0127
0.44
-0.21
-0.42
0.53
-0.22
400
0.0130
0.45
-0.21
-0.49
0.47
-0.22
405
0.0130
0.45
-0.21
-0.55
0.41
-0.21
410
0.0126
0.44
-0.20
-0.61
0.34
-0.20
415
0.0119
0.42
-0.19
-0.67
0.29
-0.18
420
0.0110
0.39
-0.18
-0.72
0.24
-0.17
425
0.0099
0.36
-0.16
-0.77
0.20
-0.15
430
0.0088
0.32
-0.14
-0.81
0.16
-0.13
435
0.0077
0.28
-0.12
-0.85
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 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.