■ 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 — 21 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)VRDN open contracts per strike for Fri, Sep 18.
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 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Sep 18
— call IV— put IVATM ≈ 97.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Sep 18
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 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.92
-0.01
14
0.0184
0.01
-0.02
-0.08
0.90
-0.01
15
0.0232
0.01
-0.02
-0.10
0.85
-0.02
17
0.0368
0.02
-0.02
-0.15
0.81
-0.02
18
0.0459
0.02
-0.02
-0.19
0.76
-0.02
19
0.0562
0.02
-0.02
-0.24
0.70
-0.02
20
0.0664
0.02
-0.03
-0.30
0.62
-0.03
21
0.0742
0.03
-0.03
-0.37
0.55
-0.03
22
0.0777
0.03
-0.03
-0.45
0.47
-0.03
23
0.0767
0.03
-0.03
-0.53
0.41
-0.03
24
0.0727
0.03
-0.03
-0.59
0.35
-0.03
25
0.0671
0.03
-0.03
-0.65
0.30
-0.03
26
0.0611
0.02
-0.03
-0.69
0.27
-0.03
27
0.0553
0.02
-0.03
-0.73
0.19
-0.02
30
0.0408
0.02
-0.02
-0.81
0.17
-0.02
31
0.0370
0.02
-0.02
-0.83
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. 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.