Max pain // Cboe delayed data · as of Oct 27, 3:04 AM ET

CSIQ max pain

Spot (delayed)$8.87
Max pain · Fri, Dec 4$10+12.7% vs spot
Expected move (ATM straddle)±$1.95±22.0% by Fri, Dec 4
Put/Call OI0.000 puts / 3 calls
Call wall$10largest call OI
IV3083.1%30-day implied vol
Net GEX+$37per 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 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Oct 30$10.5+18.4%4d
Fri, Nov 6$9.5+7.1%11d
Fri, Nov 13$14+57.8%18d
Fri, Nov 20$14+57.8%25d
Fri, Nov 27$10+12.7%32d
Fri, Dec 4$10+12.7%39d
Fri, Dec 18$12+35.3%53d
Fri, Jan 15$14+57.8%81d
Fri, Apr 16$12+35.3%172d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 4

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, Dec 4

Stacked — layer the expirations

spot18.510.512.514.517.56860
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

spot18.513.518.5283834K34K
■ calls (up)■ puts (down)Every expiration combined: 116K call contracts, 40K 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: CSIQ workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk