Max pain // Cboe delayed data · as of Aug 5, 10:10 PM ET

ABNB max pain

Spot (delayed)$153.62
Max pain · Fri, Aug 28$146-5.0% vs spot
Expected move (ATM straddle)±$14.4±9.4% by Fri, Aug 28
Put/Call OI0.68928 puts / 1K calls
Call wall$155largest call OI
Put wall$133largest put OI
IV3044.1%30-day implied vol
Net GEX+$387Kper 1% move · flip ≈ $110
Earnings · expectedWed, Aug 5usually after the close

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$145-5.6%2d← 1st expiry after earnings (Wed, Aug 5)
Fri, Aug 14$145-5.6%9d
Fri, Aug 21$141-8.2%16d
Fri, Aug 28$146-5.0%23d
Fri, Sep 4$147-4.3%30d
Fri, Sep 11$147-4.3%37d
Fri, Sep 18$135-12.1%44d
Fri, Oct 16$145-5.6%72d

The writer-loss curve — where max pain comes from

spot146100117134151168185$3M$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 — 146 — is the max pain price.

Open interest by strike · Fri, Aug 28

spot146100130137144152.5170351351
■ calls (up)■ puts (down)ABNB open contracts per strike for Fri, Aug 28.

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 28

spot146100130137144152.5170318318
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 28

spot10011713415116818598%41%
— call IV— put IVATM ≈ 47.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 28

spotflip 110100130137144152.5170+$180K$180K
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 28

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.71-0.141440.01840.13-0.14-0.29
0.69-0.141450.01900.14-0.14-0.31
0.67-0.141460.01950.14-0.15-0.33
0.65-0.151470.02000.14-0.15-0.35
0.63-0.151480.02040.14-0.15-0.37
0.61-0.151490.02080.15-0.16-0.39
0.59-0.161500.02110.15-0.16-0.41
0.53-0.16152.50.02160.15-0.16-0.47
0.48-0.161550.02170.15-0.16-0.52
0.43-0.16157.50.02150.15-0.16-0.58
0.38-0.151600.02090.14-0.15-0.63
0.33-0.14162.50.01990.14-0.14-0.68
0.28-0.131650.01870.13-0.13-0.72
0.24-0.12167.50.01730.12-0.12-0.77
0.20-0.111700.01570.11-0.11-0.81

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 40 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot80122133143157.5182.58K0
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.

All expirations combined — total open interest

spot55115131143162.519516K16K
■ calls (up)■ puts (down)Every expiration combined: 108K call contracts, 99K 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: ABNB workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk