■ 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 — 35 — is the max pain price.
Open interest by strike · Fri, Apr 16
■ calls (up)■ puts (down)VIAV open contracts per strike for Fri, Apr 16.
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, Apr 16
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Apr 16
— call IV— put IVATM ≈ 87.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Apr 16
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, Apr 16
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.89
-0.01
25
0.0054
0.07
-0.01
-0.11
0.83
-0.01
30
0.0072
0.09
-0.02
-0.16
0.78
-0.02
35
0.0087
0.11
-0.02
-0.22
0.72
-0.02
40
0.0100
0.13
-0.02
-0.28
0.66
-0.02
45
0.0109
0.14
-0.02
-0.34
0.61
-0.02
50
0.0115
0.14
-0.02
-0.39
0.56
-0.03
55
0.0118
0.15
-0.02
-0.45
0.51
-0.03
60
0.0120
0.15
-0.02
-0.50
0.46
-0.03
65
0.0119
0.15
-0.02
-0.54
0.42
-0.03
70
0.0118
0.15
-0.02
-0.59
0.35
-0.02
80
0.0111
0.14
-0.02
-0.66
0.32
-0.02
85
0.0107
0.14
-0.02
-0.69
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 13 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.