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Max pain // Cboe delayed data · as of Jul 29, 2:17 AM ET

AAPL max pain

Spot (delayed)$341.25
Max pain · Fri, Aug 14$310-9.2% vs spot
Expected move (ATM straddle)±$18.7±5.5% by Fri, Aug 14
Put/Call OI0.3913K puts / 33K calls
Call wall$310largest call OI
Put wall$315largest put OI
IV3028.4%30-day implied vol
Net GEX+$36.6Mper 1% move · flip ≈ $310
Earnings · expectedThu, Jul 30usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Wed, Jul 29$330-3.3%today
Fri, Jul 31$320-6.2%2d← 1st expiry after earnings (Thu, Jul 30)
Mon, Aug 3$325-4.8%5d
Wed, Aug 5$325-4.8%7d
Fri, Aug 7$320-6.2%9d
Mon, Aug 10$330-3.3%12d
Fri, Aug 14$310-9.2%16d
Fri, Aug 21$300-12.1%23d

The writer-loss curve — where max pain comes from

spot310110168226284342400$241M$0
■ 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 — 310 — is the max pain price.

Open interest by strike · Fri, Aug 14

spot3101102152653103353655K5K
■ calls (up)■ puts (down)AAPL 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

spot3101102152653103353651K1K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 14

spot190232274316358400112%30%
— call IV— put IVATM ≈ 31.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 14

spotflip 310210255300325347.5385+$8.0M$8.0M
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 ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.78-0.22322.50.01170.22-0.22-0.22
0.75-0.233250.01270.23-0.24-0.25
0.72-0.25327.50.01370.25-0.25-0.28
0.68-0.263300.01460.26-0.26-0.32
0.65-0.27332.50.01540.27-0.27-0.36
0.61-0.273350.01610.28-0.27-0.40
0.57-0.28337.50.01660.29-0.28-0.44
0.52-0.283400.01700.29-0.28-0.48
0.48-0.27342.50.01720.29-0.28-0.52
0.44-0.273450.01720.29-0.27-0.56
0.40-0.26347.50.01690.28-0.26-0.61
0.35-0.253500.01650.27-0.25-0.65
0.31-0.23352.50.01580.26-0.23-0.69
0.27-0.223550.01500.25-0.22-0.73
0.21-0.183600.01290.21-0.18-0.80

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 58 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot160240285312.5340367.518K0
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 history

History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.

All expirations combined — total open interest

spot50180240300337.5410198K198K
■ calls (up)■ puts (down)Every expiration combined: 2.6M call contracts, 2.0M put contracts open.

Reading this honestly

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.

Keep going: AAPL workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk