■ 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 — 220 — is the max pain price.
Open interest by strike · Fri, Mar 19
■ calls (up)■ puts (down)WM open contracts per strike for Fri, Mar 19.
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, Mar 19
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Mar 19
— call IV— put IVATM ≈ 22.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Mar 19
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, Mar 19
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.93
-0.01
175
0.0032
0.25
-0.01
-0.08
0.91
-0.01
180
0.0038
0.29
-0.02
-0.10
0.89
-0.01
185
0.0045
0.34
-0.02
-0.12
0.86
-0.02
190
0.0053
0.38
-0.02
-0.15
0.84
-0.02
195
0.0061
0.44
-0.02
-0.18
0.80
-0.02
200
0.0070
0.48
-0.03
-0.21
0.72
-0.03
210
0.0087
0.58
-0.03
-0.29
0.63
-0.03
220
0.0101
0.65
-0.03
-0.40
0.53
-0.03
230
0.0108
0.68
-0.04
-0.51
0.42
-0.03
240
0.0107
0.67
-0.04
-0.62
0.33
-0.03
250
0.0099
0.62
-0.03
-0.73
0.25
-0.03
260
0.0086
0.55
-0.03
-0.83
0.19
-0.02
270
0.0072
0.47
-0.02
-0.90
0.14
-0.02
280
0.0058
0.39
-0.01
-0.95
0.10
-0.01
290
0.0046
0.32
-0.03
-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 29 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.