Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 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 — 19 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)UNHG open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 57.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.01
15
0.0162
0.01
-0.01
-0.04
0.94
-0.01
16
0.0242
0.01
-0.01
-0.05
0.92
-0.01
17
0.0358
0.01
-0.01
-0.08
0.87
-0.01
18
0.0515
0.01
-0.01
-0.12
0.81
-0.02
19
0.0708
0.02
-0.02
-0.19
0.73
-0.02
20
0.0907
0.02
-0.02
-0.27
0.63
-0.02
21
0.1064
0.02
-0.02
-0.37
0.51
-0.03
22
0.1135
0.02
-0.03
-0.48
0.41
-0.02
23
0.1105
0.02
-0.02
-0.59
0.31
-0.02
24
0.0998
0.02
-0.02
-0.69
0.23
-0.02
25
0.0848
0.02
-0.02
-0.77
0.17
-0.02
26
0.0690
0.01
-0.02
-0.83
0.12
-0.01
27
0.0545
0.01
-0.01
-0.88
0.09
-0.01
28
0.0421
0.01
-0.01
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 18 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.