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Max pain // Cboe delayed data · as of Jul 31, 1:55 PM ET

ABVX max pain

Spot (delayed)$124.27
Max pain · Fri, Aug 14$125+0.6% vs spot
Expected move (ATM straddle)±$12.9±10.4% by Fri, Aug 14
Put/Call OI0.47745 puts / 2K calls
Call wall$190largest call OI
Put wall$70largest put OI
IV3068.1%30-day implied vol
Net GEX+$105Kper 1% move · flip ≈ $140

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$125+0.6%6d
Fri, Aug 14$125+0.6%13d
Fri, Aug 21$110-11.5%20d
Fri, Aug 28$100-19.5%27d
Fri, Sep 4$95-23.6%34d
Fri, Sep 18$120-3.4%48d
Fri, Oct 16$125+0.6%76d
Fri, Nov 20$75-39.6%111d

The writer-loss curve — where max pain comes from

spot1257096122148174200$6M$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 — 125 — is the max pain price.

Open interest by strike · Fri, Aug 14

spot12570110126136146165317317
■ calls (up)■ puts (down)ABVX 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

spot125701101261361461654343
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 14

spot7096122148174200177%56%
— call IV— put IVATM ≈ 65.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 14

spotflip 14070115127137147170+$46K$46K
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
0.83-0.151100.01450.06-0.15-0.17
0.75-0.191150.01920.08-0.19-0.26
0.68-0.211180.02170.09-0.21-0.32
0.64-0.221200.02290.09-0.22-0.36
0.61-0.221210.02330.09-0.22-0.39
0.59-0.231220.02370.10-0.23-0.41
0.56-0.231230.02390.10-0.23-0.44
0.52-0.231250.02400.10-0.23-0.49
0.49-0.231260.02400.10-0.24-0.51
0.47-0.231270.02380.10-0.24-0.53
0.45-0.231280.02350.10-0.24-0.56
0.40-0.231300.02280.10-0.23-0.60
0.38-0.231310.02230.09-0.23-0.62
0.35-0.231330.02120.09-0.23-0.66
0.33-0.221340.02060.09-0.22-0.68

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot45911231341471757K0
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

spot357010013015518510K10K
■ calls (up)■ puts (down)Every expiration combined: 103K call contracts, 44K 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: ABVX workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk