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

ABT max pain

Spot (delayed)$106.1
Max pain · Fri, Oct 16$97.5-8.1% vs spot
Expected move (ATM straddle)±$11.1±10.5% by Fri, Oct 16
Put/Call OI0.645K puts / 8K calls
Call wall$110largest call OI
Put wall$80largest put OI
IV3028.0%30-day implied vol
Net GEX+$1.5Mper 1% move · flip ≈ $105

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 · Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 — 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

spot97.550668298114130$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 — 97.5 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot97.5507585951101302K2K
■ calls (up)■ puts (down)ABT open contracts per strike for Fri, Oct 16.

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, Oct 16

spot97.550758595110130216216
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot5066829811413082%25%
— call IV— put IVATM ≈ 29.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 10550758595110130+$759K$759K
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, Oct 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.94-0.01850.00720.06-0.01-0.06
0.92-0.0187.50.00940.07-0.02-0.09
0.90-0.02900.01200.08-0.02-0.11
0.86-0.0292.50.01500.10-0.02-0.15
0.82-0.03950.01830.12-0.03-0.20
0.77-0.0397.50.02160.14-0.03-0.25
0.71-0.031000.02470.16-0.03-0.31
0.57-0.041050.02900.18-0.04-0.45
0.43-0.041100.02950.18-0.04-0.59
0.29-0.031150.02630.16-0.03-0.72
0.18-0.021200.02050.13-0.02-0.84
0.10-0.021250.01410.09-0.02-0.92
0.06-0.011300.00940.06-0.02-0.98

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 13 strikes around the money — all 21 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