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

AMZN max pain

Spot (delayed)$232.1
Max pain · Fri, Aug 14$235+1.2% vs spot
Expected move (ATM straddle)±$19.98±8.6% by Fri, Aug 14
Put/Call OI0.326K puts / 19K calls
Call wall$285largest call OI
Put wall$225largest put OI
IV3042.3%30-day implied vol
Net GEX+$3.9Mper 1% move · flip ≈ $245
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

spot235140181222263304345$145M$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 — 235 — is the max pain price.

Open interest by strike · Fri, Aug 14

spot235140185220242.52703153K3K
■ calls (up)■ puts (down)AMZN open contracts per strike for Fri, Aug 14.

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, Aug 14

spot235140185220242.52703152K2K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 14

spot140181222263304345105%47%
— call IV— put IVATM ≈ 49.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 14

spotflip 245140185220242.5270315+$1.7M$1.7M
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, Aug 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.77-0.232150.01220.15-0.23-0.24
0.73-0.24217.50.01310.17-0.25-0.27
0.70-0.262200.01390.17-0.26-0.30
0.66-0.27222.50.01460.18-0.27-0.34
0.62-0.282250.01520.19-0.28-0.38
0.58-0.29227.50.01560.20-0.29-0.42
0.54-0.292300.01590.20-0.29-0.46
0.50-0.29232.50.01600.20-0.30-0.50
0.46-0.292350.01590.20-0.29-0.54
0.42-0.29237.50.01570.20-0.29-0.58
0.39-0.282400.01540.19-0.28-0.62
0.35-0.27242.50.01490.18-0.27-0.65
0.32-0.262450.01430.18-0.26-0.69
0.28-0.25247.50.01360.17-0.25-0.72
0.25-0.232500.01290.16-0.23-0.75

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 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