Max pain // Cboe delayed data · as of Oct 27, 3:26 AM ET

BLNK max pain

Spot (delayed)$0.38
Max pain · Fri, Nov 20$0.5+31.8% vs spot
Expected move (ATM straddle)±$0.16±40.9% by Fri, Nov 20
Put/Call OI0.76173 puts / 229 calls
Call wall$0.5largest call OI
Put wall$0.5largest put OI
IV30108.8%30-day implied vol
Net GEX+$13per 1% move

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$0.5+31.8%24d
Fri, Dec 18$0.5+31.8%52d
Fri, Jan 15$0.5+31.8%80d
Fri, Mar 19$0.5+31.8%143d
Thu, Jun 17$1+163.6%233d
Fri, Jan 21$0.5+31.8%451d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Nov 20

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, Nov 20

Stacked — layer the expirations

spot0.51.52.53.54.57K0
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

spot0.51.52.53.54.59K9K
■ calls (up)■ puts (down)Every expiration combined: 32K call contracts, 5K 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: BLNK workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk