What is the max pain price for EQR?

As of the latest delayed data, EQR's max pain for the Fri, Dec 18 expiration is 60, versus a spot price of 63.8 (-6.0% away). It recomputes as open interest shifts.

What are the EQR call and put walls?

For Fri, Dec 18, the largest call open interest sits at the 70 strike and the largest put open interest at 45.

Is max pain a price prediction?

No. It is a positioning snapshot — the settle price that would minimize option writers’ payout. The theory that prices drift toward it is contested, and nothing on this page is investment advice.

Max pain // Cboe delayed data · as of Aug 19, 3:25 AM ET

EQR max pain

Spot (delayed)$63.8

Max pain · Fri, Dec 18$60-6.0% vs spot

Expected move (ATM straddle)±$6.5±10.2% by Fri, Dec 18

Put/Call OI2.241K puts / 549 calls

Call wall$70largest call OI

Put wall$45largest put OI

Fri, Aug 2165 Fri, Sep 1867.5 Fri, Oct 1665 Fri, Dec 1860 Fri, Jan 1567.5

Event risk before this expiration: Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 · 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

Expiry	Max pain	vs spot	DTE
Fri, Aug 21	$65	+1.9%	2d
Fri, Sep 18	$67.5	+5.8%	30d
Fri, Oct 16	$65	+1.9%	58d
Fri, Dec 18	$60	-6.0%	121d
Fri, Jan 15	$67.5	+5.8%	149d

The writer-loss curve — where max pain comes from

■ 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 — 60 — is the max pain price.

Open interest by strike · Fri, Dec 18

■ calls (up)■ puts (down)EQR open contracts per strike for 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

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

Greeks by strike · Fri, Dec 18

Call Δ	Call Θ	Strike	Γ	Vega	Put Θ	Put Δ
—	—	47.5	—	—	—	—
—	—	50	—	—	—	—
—	—	52.5	—	—	—	—
—	—	55	—	—	—	—
—	—	57.5	—	—	—	—
—	—	60	—	—	—	—
—	—	62.5	—	—	—	—
—	—	65	—	—	—	—
—	—	67.5	—	—	—	—
—	—	70	—	—	—	—
—	—	72.5	—	—	—	—
—	—	75	—	—	—	—
—	—	80	—	—	—	—
—	—	85	—	—	—	—
—	—	90	—	—	—	—

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 17 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

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

■ calls (up)■ puts (down)Every expiration combined: 5K call contracts, 6K 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: EQR workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk