Max pain // Cboe delayed data · as of Sep 12, 3:44 AM ET

COIN max pain

Spot (delayed)$174.98
Max pain · Fri, Oct 16$170-2.8% vs spot
Expected move (ATM straddle)±$27±15.4% by Fri, Oct 16
Put/Call OI0.8546K puts / 55K calls
Call wall$150largest call OI
Put wall$110largest put OI
IV3063.5%30-day implied vol
Net GEX+$2.3Mper 1% move · flip ≈ $150
Earnings · expectedThu, Oct 29usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Sep 18$175+0.0%6d
Fri, Sep 25$170-2.8%13d
Fri, Oct 2$187.5+7.2%20d
Fri, Oct 9$182.5+4.3%27d
Fri, Oct 16$170-2.8%34d
Fri, Oct 23$180+2.9%41d
Fri, Oct 30$165-5.7%48d← 1st expiry after earnings (Thu, Oct 29)
Fri, Nov 20$170-2.8%69d

The writer-loss curve — where max pain comes from

spot17045118191264337410$1.0B$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 — 170 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot170459013518025034010K10K
■ calls (up)■ puts (down)COIN open contracts per strike for Fri, Oct 16.

Open-interest change · 2026-09-102026-09-11

spot80130165200270400+2K2K
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot — where the walls are building and where they’re unwinding. Biggest moves: 230 2K · 310 1K · 220 +282 · 200 +269

Volume by strike · Fri, Oct 16

spot17045901351802503403K3K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot45118191264337410235%56%
— call IV— put IVATM ≈ 62.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 15055100145190270360+$1.7M$1.7M
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, Oct 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.89-0.091400.00520.10-0.09-0.11
0.86-0.111450.00640.12-0.11-0.14
0.82-0.131500.00760.14-0.13-0.18
0.77-0.151550.00880.16-0.15-0.23
0.72-0.171600.00980.18-0.17-0.28
0.67-0.181650.01060.20-0.18-0.34
0.61-0.191700.01110.21-0.19-0.39
0.55-0.201750.01140.21-0.20-0.45
0.50-0.201800.01150.22-0.20-0.51
0.44-0.201850.01130.21-0.20-0.56
0.39-0.191900.01100.21-0.20-0.61
0.34-0.181950.01040.20-0.19-0.66
0.30-0.182000.00980.19-0.18-0.71
0.23-0.152100.00830.16-0.16-0.78
0.17-0.132200.00690.14-0.14-0.84

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 53 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot50136157.519525063010K0
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.

Max pain history — nearest expiry vs price

07-2808-0508-1308-2108-3109-08191.65145.00
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.

All expirations combined — total open interest

spot512518529044069038K38K
■ calls (up)■ puts (down)Every expiration combined: 622K call contracts, 453K 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: COIN workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk