■ 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 — 114 — is the max pain price.
Open interest by strike · Fri, Aug 21
■ calls (up)■ puts (down)USO open contracts per strike for Fri, Aug 21.
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 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 21
— call IV— put IVATM ≈ 50.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 21
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 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.87
-0.17
123
0.0310
0.03
-0.17
-0.13
0.84
-0.20
124
0.0365
0.03
-0.21
-0.16
0.80
-0.24
125
0.0420
0.04
-0.24
-0.20
0.75
-0.27
126
0.0473
0.04
-0.27
-0.25
0.70
-0.30
127
0.0518
0.05
-0.30
-0.30
0.64
-0.33
128
0.0552
0.05
-0.33
-0.36
0.59
-0.35
129
0.0573
0.05
-0.35
-0.41
0.53
-0.36
130
0.0579
0.05
-0.36
-0.47
0.47
-0.37
131
0.0571
0.05
-0.37
-0.53
0.42
-0.36
132
0.0551
0.05
-0.36
-0.58
0.37
-0.36
133
0.0522
0.05
-0.36
-0.63
0.32
-0.34
134
0.0486
0.05
-0.34
-0.68
0.28
-0.33
135
0.0448
0.05
-0.33
-0.72
0.21
-0.28
137
0.0369
0.04
-0.28
-0.79
0.18
-0.26
138
0.0332
0.04
-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 55 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.