Event risk before this expiration:FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — 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 — 155 — is the max pain price.
Open interest by strike · Fri, Dec 18
■ calls (up)■ puts (down)WDAY open contracts per strike for Fri, Dec 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, Dec 18
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Dec 18
— call IV— put IVATM ≈ 48.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Dec 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, Dec 18
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.86
-0.07
150
0.0053
0.17
-0.07
-0.14
0.83
-0.07
155
0.0062
0.20
-0.08
-0.17
0.79
-0.08
160
0.0070
0.22
-0.09
-0.21
0.75
-0.09
165
0.0079
0.25
-0.10
-0.25
0.71
-0.10
170
0.0087
0.27
-0.10
-0.29
0.66
-0.11
175
0.0094
0.29
-0.11
-0.34
0.61
-0.11
180
0.0099
0.30
-0.11
-0.39
0.56
-0.11
185
0.0103
0.31
-0.12
-0.44
0.51
-0.11
190
0.0105
0.31
-0.12
-0.50
0.46
-0.11
195
0.0105
0.31
-0.12
-0.55
0.41
-0.11
200
0.0104
0.30
-0.11
-0.60
0.31
-0.10
210
0.0096
0.28
-0.10
-0.70
0.23
-0.08
220
0.0084
0.24
-0.09
-0.78
0.17
-0.07
230
0.0069
0.20
-0.07
-0.85
0.12
-0.06
240
0.0055
0.16
-0.06
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 45 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.