■ 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 — 26 — is the max pain price.
Open interest by strike · Fri, Aug 14
■ calls (up)■ puts (down)ZSL open contracts per strike for Fri, Aug 14.
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, Aug 14
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Aug 14
— call IV— put IVATM ≈ 94.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Aug 14
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, Aug 14
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.96
-0.04
20
0.0279
0.00
-0.04
-0.04
0.93
-0.06
21
0.0475
0.00
-0.06
-0.07
0.88
-0.09
22
0.0788
0.01
-0.09
-0.13
0.78
-0.12
23
0.1214
0.01
-0.12
-0.22
0.64
-0.15
24
0.1625
0.01
-0.15
-0.36
0.47
-0.16
25
0.1766
0.01
-0.16
-0.53
0.38
-0.15
25.5
0.1694
0.01
-0.15
-0.62
0.31
-0.14
26
0.1546
0.01
-0.14
-0.69
0.24
-0.12
26.5
0.1355
0.01
-0.12
-0.76
0.19
-0.10
27
0.1152
0.01
-0.10
-0.81
0.15
-0.09
27.5
0.0957
0.01
-0.09
-0.85
0.11
-0.07
28
0.0784
0.00
-0.07
-0.89
0.09
-0.06
28.5
0.0636
0.00
-0.06
-0.91
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 33 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.