Max pain // Cboe delayed data · as of Aug 7, 6:36 PM ET

ASML max pain

Spot (delayed)$1,733
Max pain · Fri, Aug 7$1,695-2.2% vs spot
Expected move (ATM straddle)±$11.15±0.6% by Fri, Aug 7
Put/Call OI0.9912K puts / 12K calls
Call wall$1,850largest call OI
Put wall$1,105largest put OI
IV3050.1%30-day implied vol
Net GEX+$34.4Mper 1% move · flip ≈ $1,600

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$1,695-2.2%today
Fri, Aug 14$1,695-2.2%7d
Fri, Aug 21$1,700-1.9%14d
Fri, Aug 28$1,675-3.3%21d
Fri, Sep 4$1,550-10.5%28d
Fri, Sep 11$1,800+3.9%35d
Fri, Sep 18$1,560-10.0%42d
Fri, Sep 25$1,750+1.0%49d

The writer-loss curve — where max pain comes from

spot169593512881641199423472700$802M$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 — 1695 — is the max pain price.

Open interest by strike · Fri, Aug 7

spot169593514301510165017552100610610
■ calls (up)■ puts (down)ASML open contracts per strike for Fri, Aug 7.

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 7

spot169593514301510165017552100315315
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 7

spot160016601720178018401900200%41%
— call IV— put IVATM ≈ 51.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 7

spotflip 1600160016701700175018001900+$18.6M$18.6M
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 7

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.99-0.1116500.00070.01-0.11-0.01
0.98-0.2816700.00170.01-0.28-0.02
0.97-0.3616750.00210.02-0.36-0.03
0.96-0.4516800.00270.02-0.45-0.04
0.95-0.5616850.00340.03-0.56-0.05
0.91-1.0817000.00650.04-1.08-0.09
0.69-3.4417250.02120.10-3.44-0.32
0.58-4.8617300.02500.11-4.86-0.42
0.32-3.2017400.02370.10-3.20-0.68
0.15-1.2817500.01440.06-1.28-0.85
0.10-0.8117550.01040.05-0.81-0.90
0.07-0.5217600.00730.04-0.52-0.93
0.01-0.0917800.00160.01-0.09-0.99
0.01-0.0518000.00060.01-0.05-0.99
0.01-0.0418100.00050.00-0.04-0.99

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

spot680142015601700185021202K0
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

spot45080012001450168020804K4K
■ calls (up)■ puts (down)Every expiration combined: 90K call contracts, 102K 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: ASML workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk