Max pain // Cboe delayed data · as of Aug 5, 11:02 PM ET

BAC max pain

Spot (delayed)$63.27
Max pain · Fri, Aug 7$61-3.6% vs spot
Expected move (ATM straddle)±$0.82±1.3% by Fri, Aug 7
Put/Call OI0.4423K puts / 52K calls
Call wall$63largest call OI
Put wall$62largest put OI
IV3020.6%30-day implied vol
Net GEX+$32.1Mper 1% move · flip ≈ $53

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

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$61-3.6%2d
Fri, Aug 14$62-2.0%9d
Fri, Aug 21$57.5-9.1%16d
Fri, Aug 28$60-5.2%23d
Fri, Sep 4$62-2.0%30d
Fri, Sep 11$62-2.0%37d
Fri, Sep 18$55-13.1%44d
Fri, Oct 16$57.5-9.1%72d

The writer-loss curve — where max pain comes from

spot61303948566574$68M$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 — 61 — is the max pain price.

Open interest by strike · Fri, Aug 7

spot6130485460667414K14K
■ calls (up)■ puts (down)BAC 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

spot613048546066744K4K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 7

spot55586165687179%21%
— call IV— put IVATM ≈ 21.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 7

spotflip 53455055606570+$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
1.00-0.00560.00270.00-0.00-0.00
1.00-0.00570.00430.00-0.00-0.00
0.99-0.00580.00710.00-0.00-0.01
0.99-0.01590.01360.00-0.01-0.01
0.98-0.01600.02950.00-0.01-0.02
0.96-0.02610.06810.01-0.02-0.04
0.87-0.05620.18350.01-0.05-0.13
0.61-0.11630.37810.02-0.11-0.39
0.25-0.09640.30430.01-0.09-0.76
0.06-0.03650.11160.01-0.02-0.95
0.02-0.01660.03410.00-0.01-0.99
0.01-0.01670.01710.00-0.01-1.00
0.01-0.00680.01010.00-0.01-1.00
0.01-0.00690.00650.00-0.01-1.00
0.00-0.00700.00440.00-0.01-1.00

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 31 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot30425057637038K0
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

spot183747566472.5173K173K
■ calls (up)■ puts (down)Every expiration combined: 1.0M call contracts, 1.1M 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: BAC workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk