Max pain // Cboe delayed data · as of Oct 26, 12:26 AM ET

BWIN max pain

Spot (delayed)$31.96
Max pain · Thu, Jun 17$30-6.1% vs spot
Expected move (ATM straddle)±$4.25±13.3% by Thu, Jun 17
Put/Call OI0.0910 puts / 114 calls
Call wall$30largest call OI
Put wall$30largest put OI
IV3010.8%30-day implied vol
Net GEX+$8Kper 1% move

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$30-6.1%25d
Fri, Dec 18$22.5-29.6%53d
Fri, Jan 15$15-53.1%81d
Fri, Mar 19$25-21.8%144d
Thu, Jun 17$30-6.1%234d

The writer-loss curve — where max pain comes from

Open interest by strike · Thu, Jun 17

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 · Thu, Jun 17

Stacked — layer the expirations

spot2.517.522.530407500
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

spot2.51017.52540951951
■ calls (up)■ puts (down)Every expiration combined: 2K call contracts, 192 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: BWIN workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk