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Max pain // Cboe delayed data · as of Oct 27, 1:42 PM ET

AMP max pain

Spot (delayed)$493.6
Max pain · Fri, Nov 20$430-12.9% vs spot
Expected move (ATM straddle)±$36.1±7.3% by Fri, Nov 20
Put/Call OI0.391K puts / 4K calls
Call wall$420largest call OI
Put wall$480largest put OI
Fri, Nov 20430Fri, Dec 18500Fri, Mar 19470Thu, Jun 17460

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$430-12.9%24d
Fri, Dec 18$500+1.3%52d
Fri, Mar 19$470-4.8%143d
Thu, Jun 17$460-6.8%233d

The writer-loss curve — where max pain comes from

spot430240332424516608700$82M$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 — 430 — is the max pain price.

Open interest by strike · Fri, Nov 20

spot4302403204004805606401K1K
■ calls (up)■ puts (down)AMP open contracts per strike for Fri, Nov 20.

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, Nov 20

spot43024032040048056064011
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Greeks by strike · Fri, Nov 20

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
——420————
——430————
——440————
——450————
——460————
——470————
——480————
——490————
——500————
——510————
——520————
——530————
——540————
——550————
——560————

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

spot3404305005606207001K0
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

spot2403304205106006901K1K
■ calls (up)■ puts (down)Every expiration combined: 4K call contracts, 2K 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: AMP workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk