■ 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 — 13 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)VIXM open contracts per strike for Fri, Jan 15.
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 15
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Jan 15
— call IV— put IVATM ≈ 37.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Jan 15
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 15
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
1.00
—
1
0.0001
0.00
0.00
-0.00
0.92
-0.00
10
0.0357
0.01
-0.00
-0.07
0.88
-0.00
11
0.0559
0.02
-0.00
-0.11
0.70
-0.00
13
0.1076
0.03
-0.00
-0.30
0.58
-0.00
14
0.1148
0.04
-0.00
-0.42
0.47
-0.00
15
0.1083
0.04
-0.00
-0.53
0.39
-0.01
16
0.0971
0.04
-0.01
-0.61
0.24
-0.01
19
0.0662
0.03
-0.00
-0.77
0.21
-0.00
20
0.0586
0.03
-0.00
-0.80
0.15
-0.00
23
0.0420
0.02
-0.00
-0.87
0.13
-0.00
24
0.0379
0.02
-0.00
-0.89
0.12
-0.00
25
0.0344
0.02
-0.00
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 12 strikes around the money — all 16 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.