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

AMD max pain

Spot (delayed)$515.78
Max pain · Wed, Sep 23$510-1.1% vs spot
Expected move (ATM straddle)±$35.08±6.8% by Wed, Sep 23
Put/Call OI1.892K puts / 903 calls
Call wall$545largest call OI
Put wall$430largest put OI
IV3048.4%30-day implied vol
Net GEX+$170Kper 1% move · flip ≈ $545
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

spot510355404453502551600$17M$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 — 510 — is the max pain price.

Open interest by strike · Wed, Sep 23

spot510355422.5460492.5517.5555669669
■ calls (up)■ puts (down)AMD open contracts per strike for Wed, Sep 23.

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

spot355440477.5500522.5562.5+129129
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: 510 +129 · 507.5 +31 · 480 +29 · 600 +29

Volume by strike · Wed, Sep 23

spot510355422.5460492.5517.55554242
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Wed, Sep 23

spot35540445350255160078%45%
— call IV— put IVATM ≈ 45.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Wed, Sep 23

spotflip 545355422.5460492.5517.5555+$318K$318K
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 · Wed, Sep 23

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.69-0.66497.50.00800.33-0.66-0.31
0.67-0.685000.00820.34-0.68-0.34
0.65-0.69502.50.00840.35-0.69-0.36
0.62-0.705050.00860.36-0.71-0.38
0.60-0.71507.50.00880.36-0.72-0.40
0.58-0.725100.00890.37-0.73-0.42
0.56-0.73512.50.00900.37-0.73-0.45
0.53-0.735150.00910.37-0.74-0.47
0.51-0.74517.50.00910.37-0.74-0.49
0.49-0.745200.00910.37-0.74-0.51
0.47-0.73522.50.00910.37-0.74-0.54
0.44-0.735250.00900.37-0.73-0.56
0.40-0.715300.00880.36-0.72-0.60
0.38-0.70532.50.00870.36-0.71-0.62
0.36-0.695350.00850.35-0.69-0.64

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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