Pain Strikes  
  Pain Strikes show the strike price of each option month with the highest open interest (most pain if prices move against the strike).  Pain Strikes for in-the-money and out-of-the-money options (both puts and calls) are provided.  The corresponding open interest is also shown.

In the example below, a tabular view of the Option summary by option month for Ten Year T-Note calls (CZ) is shown along with the Pain Strikes as of 1/4/2005.  The Pain Strike is 114 for out-of-the-money calls.  It has 218,306 open interest for this strike.  The lower table confirms the open interest activity by strike price along with all the other strikes traded that session and the associated open interest.  Also notice that standard greeks (delta, gamma, theta, etc.) are included by strike for analysis purposes.

 

 
   
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