stocktools
Max pain // Cboe delayed data · as of Jul 29, 2:17 AM ET

AMZN max pain

Spot (delayed)$232.1
Max pain · Mon, Aug 3$237.5+2.3% vs spot
Expected move (ATM straddle)±$16.75±7.2% by Mon, Aug 3
Put/Call OI0.434K puts / 10K calls
Call wall$265largest call OI
Put wall$232.5largest put OI
IV3042.3%30-day implied vol
Net GEX+$1.8Mper 1% move · flip ≈ $180
Earnings · expectedThu, Jul 30usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Wed, Jul 29$230-0.9%today
Fri, Jul 31$235+1.2%2d← 1st expiry after earnings (Thu, Jul 30)
Mon, Aug 3$237.5+2.3%5d
Wed, Aug 5$247.5+6.6%7d
Fri, Aug 7$240+3.4%9d
Mon, Aug 10$235+1.2%12d
Fri, Aug 14$235+1.2%16d
Fri, Aug 21$240+3.4%23d

The writer-loss curve — where max pain comes from

spot237.5160191222253284315$57M$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 — 237.5 — is the max pain price.

Open interest by strike · Mon, Aug 3

spot237.5160202.5225247.5270292.54K4K
■ calls (up)■ puts (down)AMZN open contracts per strike for Mon, Aug 3.

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 · Mon, Aug 3

spot237.5160202.5225247.5270292.52K2K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Aug 3

spot160191222253284315120%56%
— call IV— put IVATM ≈ 70.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Aug 3

spotflip 180160202.5225247.5270292.5+$1.2M$1.2M
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, Aug 3

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.79-0.512150.01340.09-0.51-0.21
0.76-0.56217.50.01470.09-0.56-0.24
0.72-0.612200.01600.10-0.61-0.28
0.67-0.65222.50.01700.11-0.65-0.33
0.63-0.692250.01780.11-0.69-0.37
0.58-0.71227.50.01840.12-0.71-0.42
0.54-0.722300.01880.12-0.72-0.47
0.49-0.72232.50.01890.12-0.73-0.51
0.44-0.712350.01870.12-0.72-0.56
0.40-0.69237.50.01830.11-0.70-0.60
0.35-0.672400.01770.11-0.67-0.65
0.31-0.63242.50.01690.10-0.63-0.69
0.27-0.582450.01590.10-0.58-0.73
0.23-0.53247.50.01480.09-0.54-0.77
0.20-0.482500.01360.08-0.48-0.80

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot140207.5232.5257.5282.531035K0
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

History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.

All expirations combined — total open interest

spot85155205245290340198K198K
■ calls (up)■ puts (down)Every expiration combined: 2.7M 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: AMZN workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk