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Max pain // Cboe delayed data · as of Oct 28, 1:41 PM ET

FTNT max pain

Spot (delayed)$182.55
Max pain · Fri, Dec 18$145-20.6% vs spot
Expected move (ATM straddle)±$31.55±17.3% by Fri, Dec 18
Put/Call OI1.1116K puts / 14K calls
Call wall$200largest call OI
Put wall$60largest put OI
Fri, Oct 30175Fri, Nov 6180Fri, Nov 13180Fri, Nov 20180Fri, Nov 27170Fri, Dec 4170Fri, Dec 18145Fri, Jan 15100Fri, Mar 19155+4 further out

Event risk before this expiration: 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, Oct 30$175-4.1%2d
Fri, Nov 6$180-1.4%9d
Fri, Nov 13$180-1.4%16d
Fri, Nov 20$180-1.4%23d
Fri, Nov 27$170-6.9%30d
Fri, Dec 4$170-6.9%37d
Fri, Dec 18$145-20.6%51d
Fri, Jan 15$100-45.2%79d
Fri, Mar 19$155-15.1%142d

The writer-loss curve — where max pain comes from

spot1453080130180230280$181M$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 — 145 — is the max pain price.

Open interest by strike · Fri, Dec 18

spot1453055801101602202K2K
■ calls (up)■ puts (down)FTNT 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

spot14530558011016022011
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Greeks by strike · Fri, Dec 18

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
——150————
——155————
——160————
——165————
——170————
——175————
——180————
——185————
——190————
——195————
——200————
——210————
——220————
——230————
——240————

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 57 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot901351651852052301K0
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

spot407597.514018023010K10K
■ calls (up)■ puts (down)Every expiration combined: 74K call contracts, 79K 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: FTNT workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk