Max pain // Cboe delayed data · as of Oct 26, 2:04 AM ET

CWBC max pain

Spot (delayed)$25.96
Max pain · Fri, Dec 18$22.5-13.3% vs spot
Expected move (ATM straddle)±$3.08±11.8% by Fri, Dec 18
Put/Call OI0.011 puts / 94 calls
Call wall$25largest call OI
Put wall$22.5largest put OI
IV3030.6%30-day implied vol
Net GEX+$8Kper 1% move · flip ≈ $25

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$25-3.7%25d
Fri, Dec 18$22.5-13.3%53d
Fri, Jan 15$20-23.0%81d
Fri, Mar 19$30+15.6%144d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 18

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 18

Stacked — layer the expirations

spot17.52022.525301510
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

spot51015202535151151
■ calls (up)■ puts (down)Every expiration combined: 232 call contracts, 10 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: CWBC workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk