Max pain // Cboe delayed data · as of Aug 14, 1:57 AM ET

ASND max pain

Spot (delayed)$246.51
Max pain · Fri, Oct 16$220-10.8% vs spot
Expected move (ATM straddle)±$34.15±13.9% by Fri, Oct 16
Put/Call OI0.2242 puts / 193 calls
Call wall$220largest call OI
Put wall$320largest put OI
IV3041.8%30-day implied vol
Net GEX+$69Kper 1% move · flip ≈ $145

Event risk before this expiration: Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 21$260+5.5%7d
Fri, Sep 18$260+5.5%35d
Fri, Oct 16$220-10.8%63d
Fri, Dec 18$210-14.8%126d
Fri, Jan 15$230-6.7%154d
Fri, Mar 19$200-18.9%217d
Fri, Dec 17$220-10.8%490d

The writer-loss curve — where max pain comes from

spot220120170220270320370$2M$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 — 220 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot2201201602002503003506363
■ calls (up)■ puts (down)ASND open contracts per strike for Fri, Oct 16.

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, Oct 16

spot2201201602002503003505050
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot12017022027032037086%33%
— call IV— put IVATM ≈ 41.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 145120160210260310370+$23K$23K
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, Oct 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.92-0.041900.00300.15-0.06-0.08
0.90-0.041950.00350.18-0.06-0.10
0.88-0.052000.00400.20-0.07-0.12
0.84-0.072100.00540.25-0.09-0.16
0.77-0.092200.00680.31-0.10-0.23
0.70-0.112300.00820.36-0.11-0.30
0.61-0.122400.00920.40-0.12-0.40
0.51-0.122500.00980.41-0.12-0.49
0.42-0.122600.00960.40-0.12-0.59
0.33-0.112700.00890.37-0.11-0.68
0.26-0.102800.00790.33-0.09-0.75
0.20-0.092900.00670.29-0.08-0.81
0.15-0.073000.00560.24-0.06-0.86
0.12-0.063100.00450.20-0.05-0.90
0.09-0.053200.00360.17-0.03-0.93

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot1001451802202803401K0
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

spot1001401802403204001K1K
■ calls (up)■ puts (down)Every expiration combined: 9K call contracts, 3K 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: ASND workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk