■ 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 — 14 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)UUUU open contracts per strike for Fri, Sep 4.
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 4
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 4
— call IV— put IVATM ≈ 69.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 4
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 4
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.94
-0.01
11.5
0.0412
0.00
-0.01
-0.06
0.92
-0.01
12
0.0567
0.01
-0.01
-0.08
0.88
-0.01
12.5
0.0759
0.01
-0.01
-0.12
0.84
-0.01
13
0.0978
0.01
-0.01
-0.16
0.78
-0.02
13.5
0.1200
0.01
-0.02
-0.22
0.71
-0.02
14
0.1395
0.01
-0.02
-0.29
0.63
-0.02
14.5
0.1536
0.01
-0.02
-0.37
0.55
-0.02
15
0.1606
0.01
-0.02
-0.45
0.47
-0.02
15.5
0.1604
0.01
-0.02
-0.53
0.40
-0.02
16
0.1539
0.01
-0.02
-0.60
0.33
-0.02
16.5
0.1430
0.01
-0.02
-0.67
0.27
-0.02
17
0.1292
0.01
-0.02
-0.73
0.22
-0.02
17.5
0.1144
0.01
-0.02
-0.78
0.18
-0.02
18
0.0994
0.01
-0.02
-0.82
0.12
-0.01
19
0.0723
0.01
-0.01
-0.89
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 28 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.