Max pain // Cboe delayed data · as of Aug 6, 3:28 AM ET

ABT max pain

Spot (delayed)$105.71
Max pain · Fri, Aug 7$103-2.6% vs spot
Expected move (ATM straddle)±$2.6±2.5% by Fri, Aug 7
Put/Call OI0.393K puts / 9K calls
Call wall$110largest call OI
Put wall$95largest put OI
IV3028.1%30-day implied vol
Net GEX+$5.5Mper 1% move · flip ≈ $102

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

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$103-2.6%1d
Fri, Aug 14$101-4.5%8d
Fri, Aug 21$97.5-7.8%15d
Fri, Aug 28$96-9.2%22d
Fri, Sep 4$104-1.6%29d
Fri, Sep 11$105-0.7%36d
Fri, Sep 18$97.5-7.8%43d
Fri, Oct 16$97.5-7.8%71d

The writer-loss curve — where max pain comes from

spot103708294106118130$19M$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 — 103 — is the max pain price.

Open interest by strike · Fri, Aug 7

spot1037085931011091172K2K
■ calls (up)■ puts (down)ABT open contracts per strike for Fri, Aug 7.

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 7

spot103708593101109117352352
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 7

spot839098105113120157%29%
— call IV— put IVATM ≈ 41.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 7

spotflip 102899499104109114+$2.0M$2.0M
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 7

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.99-0.01990.00940.00-0.01-0.01
0.97-0.031000.01910.01-0.03-0.03
0.95-0.051010.03500.01-0.05-0.05
0.91-0.101020.05780.01-0.10-0.09
0.84-0.161030.08710.02-0.16-0.16
0.75-0.221040.12100.03-0.22-0.26
0.61-0.281050.14970.03-0.28-0.39
0.46-0.291060.15630.03-0.29-0.54
0.32-0.251070.13750.03-0.26-0.69
0.20-0.181080.10600.02-0.18-0.81
0.12-0.111090.07280.02-0.11-0.89
0.07-0.071100.04620.01-0.06-0.94
0.04-0.041110.02840.01-0.04-0.97
0.02-0.021120.01700.00-0.02-0.99
0.01-0.011130.00990.00-0.02-0.99

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot6084931021121356K0
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

spot4582.59310511816524K24K
■ calls (up)■ puts (down)Every expiration combined: 149K call contracts, 96K 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: ABT workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk