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Max pain // Cboe delayed data · as of Oct 24, 9:53 AM ET

BTF max pain

Spot (delayed)$21.81
Max pain · Fri, Nov 20$25+14.6% vs spot
Put/Call OI4.509 puts / 2 calls
Call wall$22largest call OI
Put wall$23largest put OI
Fri, Nov 2025

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$25+14.6%26d

The writer-loss curve — where max pain comes from

spot25161820232527$1M$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 — 25 — is the max pain price.

Open interest by strike · Fri, Nov 20

spot25162123252722
■ calls (up)■ puts (down)BTF open contracts per strike for 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

spot25162123252711
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Greeks by strike · Fri, Nov 20

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
——16————
——20————
——21————
——22————
——23————
——24————
——25————
——26————
——27————

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot222610
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

spot162123252722
■ calls (up)■ puts (down)Every expiration combined: 2 call contracts, 9 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: BTF workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk