Event risk before this expiration:Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 · Jobs report Fri, Sep 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
■ 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 — 45 — is the max pain price.
Open interest by strike · Fri, Sep 4
■ calls (up)■ puts (down)VZ 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 ≈ 26.1% · 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
0.96
-0.01
39
0.0181
0.01
-0.01
-0.04
0.94
-0.01
40
0.0243
0.01
-0.01
-0.06
0.92
-0.01
41
0.0332
0.02
-0.01
-0.08
0.89
-0.01
42
0.0456
0.03
-0.01
-0.11
0.85
-0.01
43
0.0619
0.03
-0.01
-0.15
0.78
-0.02
44
0.0810
0.04
-0.02
-0.22
0.69
-0.02
45
0.0995
0.05
-0.02
-0.31
0.59
-0.02
46
0.1123
0.05
-0.02
-0.42
0.47
-0.02
47
0.1157
0.05
-0.02
-0.54
0.36
-0.02
48
0.1091
0.05
-0.02
-0.65
0.26
-0.02
49
0.0950
0.04
-0.02
-0.75
0.18
-0.01
50
0.0769
0.04
-0.01
-0.84
0.12
-0.01
51
0.0582
0.03
-0.01
-0.90
0.08
-0.01
52
0.0416
0.02
-0.01
-0.95
0.05
-0.01
53
0.0286
0.01
-0.01
-0.99
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 18 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.