VBR · VANGUARD SMALL-CAP VALUE INDEX FUND ETF

Alerts for VBR

$247.11 +0.19 (+0.08%) At close · Sep 4

Options Chain

Underlying $247.11 · at close Sep 4, 2026 Options Calculator

Positioning

Sep 18, 2026 · 13 days to expiry · 72 contracts · mixed daily-bar sessions · Feb 18, 2026–Sep 4, 2026; 37 unknown

Put / call OI

0.20

Call-heavy positioning

Open interest

771

as of Sep 3, 2026

Volume

—

dated and unknown daily-bar sessions

Max pain

$235.00

$12.11 below spot

ATM implied vol

14.9%

market's expected move

Open interest by strike · near the money

Calls Puts

145

150

155

160

165

170

175

180

185

190

194

195

196

197

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199

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235

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255

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285

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295

Chain

Click any strike for greeks, breakeven and the calculator

Expiry

Sep 18 13d Oct 16 41d Dec 18 104d Mar 19 195d

Calls								Puts
OI	Vol	IV	Δ	Bid	Ask	Last	Strike	Last	Bid	Ask	Δ	IV	Vol	OI
—	—	—	—	$100.80	$103.50	—		—	$0.00	$2.10	—	—	—	—
Call · $145 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:35.269 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $145 Daily-bar session Unknown Quote as of 2026-09-04 19:50:04.619 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$95.80	$98.50	—		—	$0.00	$2.10	—	—	—	—
Call · $150 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:56:20.135 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $150 Daily-bar session Unknown Quote as of 2026-09-04 19:50:04.619 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$90.80	$93.70	—		—	$0.00	$2.10	—	—	—	—
Call · $155 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:57:18.791 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $155 Daily-bar session Unknown Quote as of 2026-09-04 19:50:04.619 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$85.80	$88.60	—		—	$0.00	$2.10	—	—	—	—
Call · $160 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:35.325 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $160 Daily-bar session Unknown Quote as of 2026-09-04 19:59:17.599 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$80.70	$83.60	—		$1.26	$0.00	$2.10	—	—	1	1
Call · $165 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:04.548 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $165 Daily-bar session Apr 6, 2026 Quote as of 2026-09-04 19:50:04.619 UTC Last $1.26 Breakeven $163.74 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$75.70	$78.90	—		—	$0.00	$0.75	—	—	—	—
Call · $170 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:01.823 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $170 Daily-bar session Unknown Quote as of 2026-09-04 19:50:04.619 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	1	62.8%	0.999	$70.80	$73.90	$70.10		—	$0.00	$0.75	—	—	—	—
Call · $175 In the money Daily-bar session Sep 1, 2026 Quote as of 2026-09-04 19:55:01.822 UTC Last $70.10 Breakeven $245.10 Implied vol 62.8% Delta 0.999 ≈100% ITM Gamma 0 Theta -0.023 Vega 0.002 Open interest — OI effective date — Model this call Put · $175 Daily-bar session Unknown Quote as of 2026-09-04 19:50:01.756 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	15	54.5%	0.999	$65.80	$68.90	$58.70		—	$0.00	$0.75	—	—	—	—
Call · $180 In the money Daily-bar session Jun 23, 2026 Quote as of 2026-09-04 19:49:50.241 UTC Last $58.70 Breakeven $238.70 Implied vol 54.5% Delta 0.999 ≈100% ITM Gamma 0 Theta -0.021 Vega 0.001 Open interest — OI effective date — Model this call Put · $180 Daily-bar session Unknown Quote as of 2026-09-04 19:59:17.600 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	—	—	$60.70	$63.70	$36.75		—	$0.00	$0.75	—	—	—	—
Call · $185 In the money Daily-bar session Mar 16, 2026 Quote as of 2026-09-04 19:58:08.071 UTC Last $36.75 Breakeven $221.75 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $185 Daily-bar session Unknown Quote as of 2026-09-04 19:59:16.050 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	2	—	—	$55.80	$58.60	$60.49		$5.06	$0.00	$0.75	—	—	2	1
Call · $190 In the money Daily-bar session Aug 7, 2026 Quote as of 2026-09-04 19:59:36.646 UTC Last $60.49 Breakeven $250.49 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $190 Daily-bar session Mar 23, 2026 Quote as of 2026-09-04 19:59:32.782 UTC Last $5.06 Breakeven $184.94 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$51.80	$54.90	—		—	$0.00	$0.75	—	—	—	—
Call · $194 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:57.387 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $194 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.653 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
—	—	—	—	$50.80	$53.60	—		$3.70	$0.00	$0.75	—	—	10	12
Call · $195 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:07.386 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $195 Daily-bar session Apr 8, 2026 Quote as of 2026-09-04 19:59:32.642 UTC Last $3.70 Breakeven $191.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 12 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$49.80	$52.60	—		$2.05	$0.00	$0.75	—	—	1	1
Call · $196 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:07.382 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $196 Daily-bar session Feb 18, 2026 Quote as of 2026-09-04 19:59:32.627 UTC Last $2.05 Breakeven $193.95 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$48.90	$51.60	—		$0.15	$0.00	$0.75	—	—	1	1
Call · $197 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:29.314 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $197 Daily-bar session Aug 13, 2026 Quote as of 2026-09-04 19:59:32.611 UTC Last $0.15 Breakeven $196.85 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this put
—	—	—	—	$47.90	$50.60	—		—	$0.00	$0.75	—	—	—	—
Call · $198 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:01.856 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $198 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.574 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	2	—	—	$46.90	$49.60	$27.78		—	$0.00	$0.75	—	—	—	—
Call · $199 In the money Daily-bar session Apr 6, 2026 Quote as of 2026-09-04 19:56:34.747 UTC Last $27.78 Breakeven $226.78 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $199 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.552 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
1	1	57.6%	0.978	$45.90	$49.30	$46.30		—	$0.00	$0.75	—	—	—	—
Call · $200 In the money Daily-bar session Aug 31, 2026 Quote as of 2026-09-04 19:49:50.240 UTC Last $46.30 Breakeven $246.30 Implied vol 57.6% Delta 0.978 ≈98% ITM Gamma 0.002 Theta -0.074 Vega 0.025 Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $200 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.534 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this put
10	1	—	—	$40.90	$43.60	$20.64		$1.50	$0.00	$0.75	—	—	1	13
Call · $205 In the money Daily-bar session Mar 27, 2026 Quote as of 2026-09-04 19:55:24.835 UTC Last $20.64 Breakeven $225.64 Implied vol — Delta — Gamma — Theta — Vega — Open interest 10 OI effective date Sep 3, 2026 Model this call Put · $205 Daily-bar session Jun 12, 2026 Quote as of 2026-09-04 19:59:32.429 UTC Last $1.50 Breakeven $203.50 Implied vol — Delta — Gamma — Theta — Vega — Open interest 13 OI effective date Sep 3, 2026 Model this put
2	1	48.9%	0.966	$35.90	$39.50	$36.62		$2.70	$0.00	$0.75	—	—	1	3
Call · $210 In the money Daily-bar session Aug 31, 2026 Quote as of 2026-09-04 19:55:07.385 UTC Last $36.62 Breakeven $246.62 Implied vol 48.9% Delta 0.966 ≈97% ITM Gamma 0.003 Theta -0.086 Vega 0.035 Open interest 2 OI effective date Sep 3, 2026 Model this call Put · $210 Daily-bar session May 27, 2026 Quote as of 2026-09-04 19:59:32.330 UTC Last $2.70 Breakeven $207.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 3 OI effective date Sep 3, 2026 Model this put
10	10	39.9%	0.971	$30.90	$34.30	$15.06		$2.21	$0.00	$0.75	—	—	1	2
Call · $215 In the money Daily-bar session Mar 31, 2026 Quote as of 2026-09-04 19:59:10.436 UTC Last $15.06 Breakeven $230.06 Implied vol 39.9% Delta 0.971 ≈97% ITM Gamma 0.004 Theta -0.068 Vega 0.031 Open interest 10 OI effective date Sep 3, 2026 Model this call Put · $215 Daily-bar session Jun 16, 2026 Quote as of 2026-09-04 19:59:32.234 UTC Last $2.21 Breakeven $212.79 Implied vol — Delta — Gamma — Theta — Vega — Open interest 2 OI effective date Sep 3, 2026 Model this put
7	1	35.6%	0.963	$25.90	$29.40	$25.36		$2.04	$0.00	$0.75	—	—	2	4
Call · $220 In the money Daily-bar session Sep 1, 2026 Quote as of 2026-09-04 19:59:52.230 UTC Last $25.36 Breakeven $245.36 Implied vol 35.6% Delta 0.963 ≈96% ITM Gamma 0.005 Theta -0.073 Vega 0.038 Open interest 7 OI effective date Sep 3, 2026 Model this call Put · $220 Daily-bar session Jun 29, 2026 Quote as of 2026-09-04 19:59:32.142 UTC Last $2.04 Breakeven $217.96 Implied vol — Delta — Gamma — Theta — Vega — Open interest 4 OI effective date Sep 3, 2026 Model this put
9	1	—	—	$21.10	$23.20	$21.70		$0.43	$0.00	$0.75	—	—	1	9
Call · $225 In the money Daily-bar session Sep 4, 2026 Quote as of 2026-09-04 19:56:17.180 UTC Last $21.70 Breakeven $246.70 Implied vol — Delta — Gamma — Theta — Vega — Open interest 9 OI effective date Sep 3, 2026 Model this call Put · $225 Daily-bar session Aug 14, 2026 Quote as of 2026-09-04 19:59:45.383 UTC Last $0.43 Breakeven $224.57 Implied vol — Delta — Gamma — Theta — Vega — Open interest 9 OI effective date Sep 3, 2026 Model this put
11	2	—	—	$15.90	$18.30	$19.97		$0.90	$0.00	$0.75	—	—	2	14
Call · $230 In the money Daily-bar session Aug 24, 2026 Quote as of 2026-09-04 19:57:39.798 UTC Last $19.97 Breakeven $249.97 Implied vol — Delta — Gamma — Theta — Vega — Open interest 11 OI effective date Sep 3, 2026 Model this call Put · $230 Daily-bar session Aug 10, 2026 Quote as of 2026-09-04 19:59:37.912 UTC Last $0.90 Breakeven $229.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 14 OI effective date Sep 3, 2026 Model this put
9	1	16.1%	0.957	$11.00	$14.10	$11.50		$0.70	$0.00	$0.75	—	—	1	42
Call · $235 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:55:01.238 UTC Last $11.50 Breakeven $246.50 Implied vol 16.1% Delta 0.957 ≈96% ITM Gamma 0.012 Theta -0.049 Vega 0.043 Open interest 9 OI effective date Sep 3, 2026 Model this call Put · $235 Daily-bar session Aug 24, 2026 Quote as of 2026-09-04 19:59:31.874 UTC Last $0.70 Breakeven $234.30 Implied vol — Delta — Gamma — Theta — Vega — Open interest 42 OI effective date Sep 3, 2026 Model this put
16	2	17.1%	0.832	$6.40	$9.90	$6.50		$6.35	$0.00	$1.45	—	—	1	5
Call · $240 In the money Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:59:45.434 UTC Last $6.50 Breakeven $246.50 Implied vol 17.1% Delta 0.832 ≈83% ITM Gamma 0.032 Theta -0.097 Vega 0.117 Open interest 16 OI effective date Sep 3, 2026 Model this call Put · $240 Daily-bar session Jul 8, 2026 Quote as of 2026-09-04 19:59:31.789 UTC Last $6.35 Breakeven $233.65 Implied vol — Delta — Gamma — Theta — Vega — Open interest 5 OI effective date Sep 3, 2026 Model this put
27	1	12.9%	0.662	$2.70	$4.90	$3.10		$2.95	$0.30	$3.80	-0.372	16.8%	3	14
Call · $245 In the money Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:17.596 UTC Last $3.10 Breakeven $248.10 Implied vol 12.9% Delta 0.662 ≈66% ITM Gamma 0.061 Theta -0.101 Vega 0.171 Open interest 27 OI effective date Sep 3, 2026 Model this call Put · $245 Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:59.989 UTC Last $2.95 Breakeven $242.05 Implied vol 16.8% Delta -0.372 ≈37% ITM Gamma 0.048 Theta -0.105 Vega 0.176 Open interest 14 OI effective date Sep 3, 2026 Model this put
Underlying $247.11
217	11	11.3%	0.318	$0.05	$2.10	$1.25		$4.45	$3.20	$6.00	-0.621	16.9%	4	4
Call · $250 Daily-bar session Sep 2, 2026 Quote as of 2026-09-04 19:59:17.599 UTC Last $1.25 Breakeven $251.25 Implied vol 11.3% Delta 0.318 ≈32% ITM Gamma 0.068 Theta -0.08 Vega 0.166 Open interest 217 OI effective date Sep 3, 2026 Model this call Put · $250 In the money Daily-bar session Aug 20, 2026 Quote as of 2026-09-04 19:59:52.023 UTC Last $4.45 Breakeven $245.55 Implied vol 16.9% Delta -0.621 ≈62% ITM Gamma 0.048 Theta -0.099 Vega 0.177 Open interest 4 OI effective date Sep 3, 2026 Model this put
217	10	—	—	$0.00	$0.65	$0.50		—	$6.90	$9.50	-0.836	16.1%	—	—
Call · $255 Daily-bar session Sep 3, 2026 Quote as of 2026-09-04 19:59:31.814 UTC Last $0.50 Breakeven $255.50 Implied vol — Delta — Gamma — Theta — Vega — Open interest 217 OI effective date Sep 3, 2026 Model this call Put · $255 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:02.638 UTC Last — Breakeven — Implied vol 16.1% Delta -0.836 ≈84% ITM Gamma 0.033 Theta -0.05 Vega 0.115 Open interest — OI effective date — Model this put
72	2	—	—	$0.00	$0.75	$0.09		—	$11.40	$14.50	-0.906	19.7%	—	—
Call · $260 Daily-bar session Sep 1, 2026 Quote as of 2026-09-04 19:59:31.891 UTC Last $0.09 Breakeven $260.09 Implied vol — Delta — Gamma — Theta — Vega — Open interest 72 OI effective date Sep 3, 2026 Model this call Put · $260 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:07.383 UTC Last — Breakeven — Implied vol 19.7% Delta -0.906 ≈91% ITM Gamma 0.018 Theta -0.036 Vega 0.078 Open interest — OI effective date — Model this put
33	2	—	—	$0.00	$0.75	$0.10		—	$16.70	$19.30	-0.916	25.9%	—	—
Call · $265 Daily-bar session Aug 24, 2026 Quote as of 2026-09-04 19:59:31.974 UTC Last $0.10 Breakeven $265.10 Implied vol — Delta — Gamma — Theta — Vega — Open interest 33 OI effective date Sep 3, 2026 Model this call Put · $265 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:04.781 UTC Last — Breakeven — Implied vol 25.9% Delta -0.916 ≈92% ITM Gamma 0.013 Theta -0.047 Vega 0.072 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$21.70	$24.50	-0.917	32.6%	—	—
Call · $270 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.050 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $270 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:01.841 UTC Last — Breakeven — Implied vol 32.6% Delta -0.917 ≈92% ITM Gamma 0.01 Theta -0.064 Vega 0.071 Open interest — OI effective date — Model this put
1	1	—	—	$0.00	$0.75	$0.15		—	$26.70	$29.30	-0.935	36.2%	—	—
Call · $275 Daily-bar session Aug 27, 2026 Quote as of 2026-09-04 19:59:32.153 UTC Last $0.15 Breakeven $275.15 Implied vol — Delta — Gamma — Theta — Vega — Open interest 1 OI effective date Sep 3, 2026 Model this call Put · $275 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:07.383 UTC Last — Breakeven — Implied vol 36.2% Delta -0.935 ≈93% ITM Gamma 0.008 Theta -0.057 Vega 0.059 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$31.70	$34.30	-0.941	41%	—	—
Call · $280 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.250 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $280 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:07.385 UTC Last — Breakeven — Implied vol 41% Delta -0.941 ≈94% ITM Gamma 0.006 Theta -0.06 Vega 0.055 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$2.15	—		—	$36.70	$39.30	-0.945	45.6%	—	—
Call · $285 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.343 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $285 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:42.066 UTC Last — Breakeven — Implied vol 45.6% Delta -0.945 ≈94% ITM Gamma 0.005 Theta -0.064 Vega 0.052 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$41.80	$44.30	-0.945	51.1%	—	—
Call · $290 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.444 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $290 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:55:11.410 UTC Last — Breakeven — Implied vol 51.1% Delta -0.945 ≈94% ITM Gamma 0.005 Theta -0.074 Vega 0.052 Open interest — OI effective date — Model this put
—	—	—	—	$0.00	$0.75	—		—	$46.70	$49.30	-0.952	54.5%	—	—
Call · $295 Daily-bar session Unknown Quote as of 2026-09-04 19:59:32.550 UTC Last — Breakeven — Implied vol — Delta — Gamma — Theta — Vega — Open interest — OI effective date — Model this call Put · $295 In the money Daily-bar session Unknown Quote as of 2026-09-04 19:59:18.565 UTC Last — Breakeven — Implied vol 54.5% Delta -0.952 ≈95% ITM Gamma 0.004 Theta -0.07 Vega 0.047 Open interest — OI effective date — Model this put

About this data

Each contract's last price, day range and volume belong to the daily-bar session shown in its details; unknown means the source omitted that timestamp. Open interest has its own effective date shown separately; implied volatility and greeks are model values computed when fetched. This chain has mixed daily-bar sessions · Feb 18, 2026–Sep 4, 2026; 37 unknown. Positioning totals are shown only when every returned open-interest value has the same known effective date. Bid and ask are real-time consolidated OPRA readings.

In-the-money strikes are tinted, deepening toward the money, and the bar beside each open-interest figure scales to the heaviest strike shown. The 23 strikes around the money are shown by default — switch to "All 36" for the wings. Max pain is the listed strike where the most open interest would expire worthless — a positioning reference, not a forecast.