Max pain // Cboe delayed data · as of Aug 7, 2:43 AM ET

DIS max pain

Spot (delayed)$104.62
Max pain · Fri, Aug 14$98-6.3% vs spot
Expected move (ATM straddle)±$3.23±3.1% by Fri, Aug 14
Put/Call OI0.756K puts / 8K calls
Call wall$102largest call OI
Put wall$90largest put OI
IV3024.6%30-day implied vol
Net GEX+$4.1Mper 1% move · flip ≈ $100

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$98-6.3%1d
Fri, Aug 14$98-6.3%8d
Fri, Aug 21$95-9.2%15d
Fri, Aug 28$98-6.3%22d
Fri, Sep 4$99-5.4%29d
Fri, Sep 11$93-11.1%36d
Fri, Sep 18$100-4.4%43d
Fri, Oct 16$100-4.4%71d

The writer-loss curve — where max pain comes from

spot98657993107121135$24M$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 — 98 — is the max pain price.

Open interest by strike · Fri, Aug 14

spot986586931001071141K1K
■ calls (up)■ puts (down)DIS open contracts per strike for Fri, Aug 14.

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, Aug 14

spot986586931001071141K1K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 14

spot75879911112313596%21%
— call IV— put IVATM ≈ 25.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 14

spotflip 100758895102109120+$932K$932K
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, Aug 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.96-0.02980.02270.01-0.02-0.04
0.93-0.03990.03350.02-0.03-0.07
0.89-0.041000.04720.03-0.05-0.11
0.83-0.061010.06240.04-0.06-0.17
0.76-0.081020.07690.05-0.08-0.24
0.67-0.091030.08830.06-0.10-0.33
0.58-0.101040.09490.06-0.10-0.42
0.48-0.111050.09580.06-0.11-0.52
0.39-0.101060.09120.06-0.10-0.61
0.31-0.091070.08250.06-0.10-0.70
0.23-0.081080.07120.05-0.08-0.77
0.17-0.071090.05900.04-0.07-0.83
0.12-0.051100.04690.03-0.05-0.88
0.09-0.041110.03570.03-0.04-0.92
0.06-0.031120.02610.02-0.03-0.95

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 41 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot60869510411314522K0
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

spot45849410411415556K56K
■ calls (up)■ puts (down)Every expiration combined: 439K call contracts, 294K 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: DIS workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk