Max pain // Cboe delayed data · as of Aug 6, 10:06 AM ET

ABT max pain

Spot (delayed)$106.1
Max pain · Fri, Sep 4$104-2.0% vs spot
Expected move (ATM straddle)±$7±6.6% by Fri, Sep 4
Put/Call OI0.3365 puts / 200 calls
Call wall$114largest call OI
Put wall$95largest put OI
IV3028.0%30-day implied vol
Net GEX+$50Kper 1% move · flip ≈ $106

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 · Jobs report Fri, Sep 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$104-2.0%1d
Fri, Aug 14$102-3.9%8d
Fri, Aug 21$97.5-8.1%15d
Fri, Aug 28$96-9.5%22d
Fri, Sep 4$104-2.0%29d
Fri, Sep 11$105-1.0%36d
Fri, Sep 18$97.5-8.1%43d
Fri, Oct 16$97.5-8.1%71d

The writer-loss curve — where max pain comes from

spot104808998107116125$1M$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 — 104 — is the max pain price.

Open interest by strike · Fri, Sep 4

spot10480971021071121203535
■ calls (up)■ puts (down)ABT open contracts per strike for Fri, Sep 4.

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, Sep 4

spot104809710210711212066
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 4

spot80899810711612568%23%
— call IV— put IVATM ≈ 28.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 4

spotflip 1068097102107112120+$13K$13K
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, Sep 4

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.80-0.04990.03060.09-0.04-0.20
0.77-0.041000.03380.09-0.05-0.23
0.73-0.051010.03680.10-0.05-0.27
0.69-0.051020.03970.11-0.05-0.31
0.65-0.051030.04210.11-0.05-0.35
0.61-0.061040.04410.12-0.06-0.39
0.57-0.061050.04560.12-0.06-0.44
0.52-0.061060.04640.12-0.06-0.49
0.47-0.061070.04660.12-0.06-0.53
0.43-0.061080.04620.12-0.06-0.58
0.38-0.051090.04510.12-0.06-0.63
0.34-0.051100.04350.11-0.05-0.67
0.30-0.051110.04130.11-0.05-0.71
0.26-0.041120.03870.10-0.05-0.76
0.23-0.041130.03580.09-0.04-0.79

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot6084931021121306K0
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: 150K call contracts, 97K 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