■ 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 — 42.5 — is the max pain price.
Open interest by strike · Fri, Nov 20
■ calls (up)■ puts (down)ZWS open contracts per strike for Fri, Nov 20.
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, Nov 20
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, Nov 20
— call IV— put IVATM ≈ 35.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Gamma exposure by strike · Fri, Nov 20
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, Nov 20
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.91
-0.01
37.5
0.0124
0.04
-0.01
-0.10
0.87
-0.01
40
0.0167
0.05
-0.01
-0.13
0.83
-0.01
42.5
0.0223
0.07
-0.01
-0.17
0.77
-0.02
45
0.0292
0.08
-0.02
-0.23
0.69
-0.02
47.5
0.0370
0.09
-0.02
-0.31
0.59
-0.02
50
0.0438
0.10
-0.02
-0.41
0.48
-0.02
52.5
0.0470
0.10
-0.02
-0.53
0.37
-0.02
55
0.0450
0.10
-0.02
-0.65
0.28
-0.01
57.5
0.0394
0.09
-0.01
-0.74
0.21
-0.01
60
0.0326
0.07
-0.01
-0.82
0.12
-0.01
65
0.0211
0.05
-0.01
-0.92
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.