Max pain // Cboe delayed data · as of Sep 22, 2:04 PM ET

DIS max pain

Spot (delayed)$104.13
Max pain · Fri, Oct 23$104-0.1% vs spot
Expected move (ATM straddle)±$6.24±6.0% by Fri, Oct 23
Put/Call OI0.53828 puts / 2K calls
Call wall$116largest call OI
Put wall$98largest put OI
IV3024.3%30-day implied vol
Net GEX+$329Kper 1% move · flip ≈ $107
Earnings · expectedThu, Nov 12usually after the close

Event risk before this expiration: 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 25$104-0.1%3d
Fri, Oct 2$105+0.8%10d
Fri, Oct 9$103-1.1%17d
Fri, Oct 16$105+0.8%24d
Fri, Oct 23$104-0.1%31d
Fri, Oct 30$103-1.1%38d
Fri, Nov 20$95-8.8%59d← 1st expiry after earnings (Thu, Nov 12)
Fri, Dec 18$105+0.8%87d

The writer-loss curve — where max pain comes from

spot104657891104117130$3M$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 — 104 — is the max pain price.

Open interest by strike · Fri, Oct 23

spot1046595101107113119387387
■ calls (up)■ puts (down)DIS open contracts per strike for Fri, Oct 23.

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 23

spot10465951011071131191010
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 23

spot65789110411713094%18%
— call IV— put IVATM ≈ 25.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 23

spotflip 1076595101107113119+$137K$137K
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 23

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.84-0.03970.03020.07-0.03-0.16
0.81-0.03980.03430.08-0.03-0.19
0.78-0.04990.03850.09-0.04-0.23
0.73-0.041000.04250.10-0.04-0.27
0.69-0.041010.04610.11-0.04-0.31
0.64-0.041020.04920.11-0.05-0.36
0.59-0.051030.05150.12-0.05-0.41
0.54-0.051040.05300.12-0.05-0.47
0.49-0.051050.05360.12-0.05-0.52
0.43-0.051060.05320.12-0.05-0.58
0.38-0.041070.05180.12-0.05-0.63
0.33-0.041080.04960.11-0.04-0.68
0.28-0.041090.04660.10-0.04-0.73
0.24-0.041100.04290.10-0.04-0.78
0.20-0.031110.03880.09-0.03-0.82

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 35 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot70921001081161253K0
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

spot45899910911915056K56K
■ calls (up)■ puts (down)Every expiration combined: 355K call contracts, 242K 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