■ 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 — 18 — is the max pain price.
Open interest by strike · Fri, Sep 18
■ calls (up)■ puts (down)XP 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 ≈ 49.2% · 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
0.93
-0.00
12
0.0321
0.01
-0.01
-0.07
0.90
-0.01
13
0.0491
0.01
-0.01
-0.10
0.84
-0.01
14
0.0729
0.01
-0.01
-0.16
0.75
-0.01
15
0.1021
0.02
-0.01
-0.25
0.64
-0.01
16
0.1296
0.02
-0.01
-0.36
0.50
-0.01
17
0.1427
0.02
-0.01
-0.51
0.36
-0.01
18
0.1348
0.02
-0.01
-0.64
0.26
-0.01
19
0.1132
0.02
-0.01
-0.75
0.18
-0.01
20
0.0891
0.01
-0.01
-0.83
0.13
-0.01
21
0.0682
0.01
-0.01
-0.88
0.09
-0.01
22
0.0520
0.01
-0.00
-0.92
0.07
-0.01
23
0.0400
0.01
-0.00
-0.94
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.