Max pain // Cboe delayed data · as of Aug 6, 2:59 AM ET

AVGO max pain

Spot (delayed)$421.35
Max pain · Fri, Aug 21$387.5-8.0% vs spot
Expected move (ATM straddle)±$34.53±8.2% by Fri, Aug 21
Put/Call OI0.95123K puts / 130K calls
Call wall$500largest call OI
Put wall$340largest put OI
IV3057.3%30-day implied vol
Net GEX+$60.3Mper 1% move · flip ≈ $420
Earnings · expectedThu, Sep 3usually after the close

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$390-7.4%2d
Mon, Aug 10$392.5-6.8%5d
Wed, Aug 12$390-7.4%7d
Fri, Aug 14$370-12.2%9d
Mon, Aug 17$410-2.7%12d
Wed, Aug 19$415-1.5%14d
Fri, Aug 21$387.5-8.0%16d
Fri, Aug 28$380-9.8%23d

The writer-loss curve — where max pain comes from

spot387.5150268386504622740$3.6B$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 — 387.5 — is the max pain price.

Open interest by strike · Fri, Aug 21

spot387.515028037040547058017K17K
■ calls (up)■ puts (down)AVGO open contracts per strike for Fri, Aug 21.

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 21

spot387.51502803704054705804K4K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 21

spot150268386504622740168%45%
— call IV— put IVATM ≈ 49.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 21

spotflip 420240330382.5420490590+$9.7M$9.7M
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 21

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.78-0.40387.50.00670.26-0.41-0.22
0.76-0.423900.00700.27-0.42-0.24
0.73-0.453950.00760.29-0.46-0.27
0.69-0.484000.00810.31-0.49-0.32
0.64-0.514050.00860.33-0.51-0.36
0.60-0.534100.00890.34-0.53-0.40
0.55-0.544150.00920.35-0.54-0.45
0.51-0.544200.00930.35-0.54-0.49
0.46-0.544250.00920.35-0.54-0.54
0.42-0.534300.00910.34-0.53-0.59
0.37-0.514350.00880.33-0.51-0.63
0.33-0.494400.00850.32-0.49-0.67
0.26-0.434500.00750.28-0.43-0.75
0.19-0.374600.00640.24-0.37-0.81
0.14-0.304700.00520.20-0.30-0.86

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 57 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot2303453754054354755K0
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

spot70180290377.547062062K62K
■ calls (up)■ puts (down)Every expiration combined: 945K call contracts, 1.0M 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: AVGO workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk