Event risk before this expiration:Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 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 — 28 — is the max pain price.
Open interest by strike · Fri, Jan 21
■ calls (up)■ puts (down)UUP open contracts per strike for Fri, Jan 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, Jan 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 21
— call IV— put IVATM ≈ 12.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 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, Jan 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.98
—
22
0.0187
0.01
-0.00
-0.10
0.96
—
23
0.0292
0.02
-0.00
-0.12
0.94
0.00
24
0.0452
0.03
-0.00
-0.15
0.91
-0.00
25
0.0669
0.04
-0.00
-0.18
0.86
-0.00
26
0.0941
0.06
-0.00
-0.23
0.79
-0.00
27
0.1213
0.08
-0.00
-0.32
0.68
-0.00
28
0.1432
0.10
-0.00
-0.44
0.53
-0.00
29
0.1530
0.11
-0.00
-0.58
0.40
-0.00
30
0.1327
0.11
-0.00
-0.69
0.31
-0.00
31
0.1069
0.10
-0.00
-0.76
0.25
-0.00
32
0.0862
0.10
-0.00
-0.81
0.21
-0.00
33
0.0706
0.09
-0.00
-0.85
0.18
-0.00
34
0.0590
0.08
-0.00
-0.88
0.16
-0.00
35
0.0502
0.07
-0.00
-0.91
0.14
-0.00
36
0.0434
0.07
0.00
-0.92
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 20 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.