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Max pain // Cboe delayed data · as of Jul 29, 2:23 AM ET

COIN max pain

Spot (delayed)$167.64
Max pain · Fri, Oct 16$180+7.4% vs spot
Expected move (ATM straddle)±$46.6±27.8% by Fri, Oct 16
Put/Call OI0.8718K puts / 21K calls
Call wall$175largest call OI
Put wall$180largest put OI
IV3079.8%30-day implied vol
Net GEX+$27Kper 1% move · flip ≈ $400
Earnings · expectedThu, Jul 30usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Fri, Jul 31$160-4.6%2d← 1st expiry after earnings (Thu, Jul 30)
Fri, Aug 7$165-1.6%9d
Fri, Aug 14$165-1.6%16d
Fri, Aug 21$160-4.6%23d
Fri, Aug 28$165-1.6%30d
Fri, Sep 4$160-4.6%37d
Fri, Sep 18$175+4.4%51d
Fri, Oct 16$180+7.4%79d

The writer-loss curve — where max pain comes from

spot18050122194266338410$361M$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 — 180 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot18050951401852603503K3K
■ calls (up)■ puts (down)COIN open contracts per strike for Fri, Oct 16.

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, Oct 16

spot1805095140185260350181181
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot50122194266338410118%50%
— call IV— put IVATM ≈ 74.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 4005095140185260350+$410K$410K
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
0.79-0.101350.00480.23-0.11-0.21
0.76-0.111400.00520.24-0.12-0.24
0.73-0.121450.00550.26-0.12-0.27
0.70-0.131500.00590.27-0.13-0.30
0.67-0.131550.00610.29-0.13-0.34
0.63-0.141600.00640.30-0.14-0.37
0.60-0.141650.00660.30-0.14-0.40
0.57-0.141700.00670.31-0.14-0.44
0.54-0.141750.00680.31-0.14-0.47
0.50-0.141800.00680.31-0.14-0.50
0.47-0.141850.00680.31-0.14-0.53
0.44-0.141900.00680.31-0.14-0.57
0.41-0.141950.00670.31-0.14-0.60
0.38-0.142000.00650.30-0.14-0.63
0.33-0.132100.00620.28-0.13-0.68

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot40120150177.52102659K0
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

History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.

All expirations combined — total open interest

spot5100162.523037068035K35K
■ calls (up)■ puts (down)Every expiration combined: 557K call contracts, 413K 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