Max pain // Cboe delayed data · as of Sep 12, 3:44 AM ET

AMD max pain

Spot (delayed)$515.78
Max pain · Fri, Sep 18$420-18.6% vs spot
Expected move (ATM straddle)±$27.28±5.3% by Fri, Sep 18
Put/Call OI1.25289K puts / 231K calls
Call wall$500largest call OI
Put wall$140largest put OI
IV3048.4%30-day implied vol
Net GEX+$106.6Mper 1% move · flip ≈ $500
Earnings · expectedTue, Nov 3usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

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

spot4201003045087129161120$14.0B$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 — 420 — is the max pain price.

Open interest by strike · Fri, Sep 18

spot42010016524035044054016K16K
■ calls (up)■ puts (down)AMD open contracts per strike for Fri, Sep 18.

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

spot100200300400475560+3K3K
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: 100 +3K · 475 3K · 510 +1K · 350 +875

Volume by strike · Fri, Sep 18

spot4201001652403504405406K6K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 18

spot2404165927689441120181%44%
— call IV— put IVATM ≈ 47.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 18

spotflip 500330390440500560700+$18.4M$18.4M
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 18

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.97-0.194500.00190.06-0.19-0.03
0.94-0.284600.00290.08-0.28-0.06
0.91-0.414700.00430.12-0.41-0.09
0.86-0.574800.00610.16-0.57-0.14
0.79-0.744900.00810.21-0.74-0.21
0.70-0.895000.01000.25-0.89-0.30
0.59-0.995100.01120.28-0.99-0.41
0.47-1.005200.01160.28-1.01-0.53
0.36-0.945300.01090.27-0.95-0.64
0.26-0.815400.00950.23-0.82-0.74
0.18-0.655500.00770.19-0.66-0.82
0.12-0.505600.00580.15-0.50-0.88
0.05-0.255800.00300.08-0.25-0.95
0.02-0.126000.00140.04-0.11-0.98
0.01-0.066200.00070.02-0.05-0.99

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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