■ 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 — 125 — is the max pain price.
Open interest by strike · Wed, Aug 26
■ calls (up)■ puts (down)USO open contracts per strike for Wed, Aug 26.
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 · Wed, Aug 26
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Wed, Aug 26
— call IV— put IVATM ≈ 48.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Wed, Aug 26
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 · Wed, Aug 26
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.79
-0.15
123
0.0297
0.06
-0.15
-0.21
0.76
-0.17
124
0.0323
0.06
-0.17
-0.24
0.73
-0.18
125
0.0347
0.07
-0.18
-0.27
0.69
-0.19
126
0.0367
0.07
-0.19
-0.31
0.65
-0.20
127
0.0383
0.08
-0.20
-0.35
0.61
-0.21
128
0.0394
0.08
-0.21
-0.39
0.57
-0.22
129
0.0400
0.08
-0.22
-0.43
0.53
-0.22
130
0.0402
0.08
-0.22
-0.47
0.49
-0.23
131
0.0398
0.08
-0.23
-0.51
0.45
-0.23
132
0.0391
0.08
-0.23
-0.55
0.41
-0.23
133
0.0380
0.08
-0.23
-0.59
0.38
-0.22
134
0.0366
0.08
-0.22
-0.62
0.35
-0.22
135
0.0351
0.08
-0.22
-0.65
0.32
-0.21
136
0.0334
0.07
-0.21
-0.68
0.29
-0.21
137
0.0315
0.07
-0.21
-0.71
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 59 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.