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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 28$100-19.5% vs spot
Expected move (ATM straddle)±$18.75±15.1% by Fri, Aug 28
Put/Call OI0.672K puts / 2K calls
Call wall$180largest call OI
Put wall$70largest put OI
IV3068.1%30-day implied vol
Net GEX+$164Kper 1% move · flip ≈ $105

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

spot1007096122148174200$11M$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 — 100 — is the max pain price.

Open interest by strike · Fri, Aug 28

spot10070110126137146185519519
■ calls (up)■ puts (down)ABVX 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

spot1007011012613714618544
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 28

spot7096122148174200127%63%
— call IV— put IVATM ≈ 67.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 28

spotflip 10570110126137146185+$48K$48K
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
0.84-0.111050.01010.09-0.11-0.16
0.78-0.131100.01250.10-0.13-0.22
0.71-0.141150.01470.12-0.14-0.30
0.62-0.161200.01620.13-0.16-0.38
0.61-0.161210.01640.13-0.16-0.40
0.59-0.161220.01660.14-0.16-0.41
0.57-0.161230.01670.14-0.17-0.43
0.56-0.171240.01680.14-0.17-0.45
0.54-0.171250.01680.14-0.17-0.47
0.52-0.171260.01680.14-0.17-0.48
0.51-0.171270.01680.14-0.17-0.50
0.49-0.171280.01670.14-0.17-0.52
0.47-0.171290.01660.14-0.17-0.53
0.46-0.171300.01650.14-0.17-0.55
0.41-0.171330.01600.14-0.17-0.59

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

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