■ 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 — 23 — is the max pain price.
Open interest by strike · Fri, Aug 21
■ calls (up)■ puts (down)UVXY 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 ≈ 50.9% · 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
1.00
—
14
0.0038
0.00
-0.00
-0.00
0.94
-0.01
18
0.0760
0.00
-0.01
-0.06
0.81
-0.03
19
0.1758
0.01
-0.03
-0.19
0.70
-0.03
19.5
0.2218
0.01
-0.03
-0.30
0.58
-0.04
20
0.2387
0.01
-0.04
-0.42
0.46
-0.04
20.5
0.2289
0.01
-0.04
-0.54
0.36
-0.04
21
0.2041
0.01
-0.04
-0.64
0.28
-0.04
21.5
0.1740
0.01
-0.04
-0.72
0.22
-0.04
22
0.1449
0.01
-0.04
-0.78
0.18
-0.03
22.5
0.1196
0.01
-0.03
-0.82
0.15
-0.03
23
0.0988
0.01
-0.03
-0.85
0.12
-0.03
23.5
0.0822
0.01
-0.03
-0.88
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 49 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.