Max pain // Cboe delayed data · as of Sep 12, 3:02 AM ET

AMD max pain

Spot (delayed)$515.78
Max pain · Mon, Sep 14$502.5-2.6% vs spot
Expected move (ATM straddle)±$12.45±2.4% by Mon, Sep 14
Put/Call OI0.588K puts / 13K calls
Call wall$525largest call OI
Put wall$490largest put OI
IV3048.4%30-day implied vol
Net GEX+$44.9Mper 1% move · flip ≈ $505
Earnings · expectedTue, Nov 3usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Mon, Sep 14$502.5-2.6%3d
Wed, Sep 16$495-4.0%5d
Fri, Sep 18$420-18.6%7d
Mon, Sep 21$510-1.1%10d
Wed, Sep 23$510-1.1%12d
Fri, Sep 25$470-8.9%14d
Fri, Oct 2$470-8.9%21d
Fri, Oct 9$490-5.0%28d

The writer-loss curve — where max pain comes from

spot502.5400432464496528560$63M$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 — 502.5 — is the max pain price.

Open interest by strike · Mon, Sep 14

spot502.54004454805005205402K2K
■ calls (up)■ puts (down)AMD open contracts per strike for Mon, Sep 14.

Open-interest change · 2026-09-102026-09-11

spot400445480500520540+1K1K
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot — where the walls are building and where they’re unwinding. Biggest moves: 515 +1K · 505 +1K · 490 +1K · 540 +442

Volume by strike · Mon, Sep 14

spot502.54004454805005205408K8K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Sep 14

spot400432464496528560112%31%
— call IV— put IVATM ≈ 32.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Sep 14

spotflip 505400445480500520540+$8.2M$8.2M
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 · Mon, Sep 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.88-0.53497.50.01220.10-0.53-0.12
0.85-0.635000.01440.11-0.63-0.15
0.81-0.74502.50.01680.13-0.74-0.19
0.77-0.855050.01910.14-0.85-0.23
0.71-0.95507.50.02130.16-0.95-0.28
0.66-1.035100.02310.17-1.03-0.34
0.60-1.09512.50.02460.18-1.10-0.40
0.54-1.135150.02540.19-1.13-0.46
0.47-1.12517.50.02560.19-1.13-0.53
0.41-1.095200.02510.18-1.09-0.59
0.35-1.02522.50.02390.17-1.03-0.65
0.29-0.935250.02220.16-0.94-0.71
0.24-0.83527.50.02020.15-0.83-0.76
0.20-0.715300.01780.13-0.72-0.81
0.16-0.60532.50.01540.11-0.60-0.84

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

spot100195350445500537.511K0
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.

Max pain history — nearest expiry vs price

07-2808-0508-1308-2108-3109-08521.17424.31
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.

All expirations combined — total open interest

spot513521035049065063K63K
■ calls (up)■ puts (down)Every expiration combined: 1.5M call contracts, 1.7M 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: AMD workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk