■ 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 — 210 — is the max pain price.
Open interest by strike · Fri, Jan 15
■ calls (up)■ puts (down)WM 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 ≈ 21.8% · 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
0.95
-0.01
175
0.0028
0.16
-0.01
-0.05
0.93
-0.01
180
0.0036
0.20
-0.02
-0.07
0.91
-0.01
185
0.0045
0.24
-0.02
-0.09
0.89
-0.02
190
0.0055
0.28
-0.02
-0.12
0.86
-0.02
195
0.0066
0.33
-0.03
-0.15
0.82
-0.02
200
0.0078
0.38
-0.03
-0.18
0.73
-0.03
210
0.0103
0.48
-0.04
-0.28
0.62
-0.04
220
0.0122
0.56
-0.04
-0.40
0.49
-0.04
230
0.0130
0.58
-0.04
-0.53
0.37
-0.04
240
0.0124
0.55
-0.04
-0.67
0.27
-0.03
250
0.0107
0.48
-0.03
-0.78
0.19
-0.03
260
0.0086
0.40
-0.02
-0.87
0.13
-0.02
270
0.0066
0.31
-0.01
-0.93
0.09
-0.02
280
0.0049
0.24
-0.00
-0.97
0.06
-0.01
290
0.0036
0.18
-0.04
-1.00
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 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.