Max pain // Cboe delayed data · as of Aug 11, 11:21 PM ET

FUTU max pain

Spot (delayed)$105.48
Max pain · Fri, Sep 18$107.45+1.9% vs spot
Expected move (ATM straddle)±$14.38±13.6% by Fri, Sep 18
Put/Call OI0.9111K puts / 12K calls
Call wall$112.45largest call OI
Put wall$87.45largest put OI
IV3051.3%30-day implied vol
Net GEX+$106Kper 1% move · flip ≈ $60

Event risk before this expiration: Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · FOMC decision Wed, Sep 16 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 14$106+0.5%1d
Fri, Aug 21$104-1.4%8d
Fri, Aug 28$110+4.3%15d
Fri, Sep 4$105-0.5%22d
Fri, Sep 11$108+2.4%29d
Fri, Sep 18$107.45+1.9%36d
Fri, Sep 25$105-0.5%43d
Fri, Oct 16$105-0.5%64d

The writer-loss curve — where max pain comes from

spot107.454593142190239287$186M$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 — 107.45 — is the max pain price.

Open interest by strike · Fri, Sep 18

spot107.454580105130162.45227.452K2K
■ calls (up)■ puts (down)FUTU open contracts per strike for Fri, Sep 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, Sep 18

spot107.454580105130162.45227.45418418
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 18

spot4593142190239287158%43%
— call IV— put IVATM ≈ 52.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 18

spotflip 604580105130162.45227.45+$196K$196K
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, Sep 18

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.89-0.0487.450.01060.07-0.05-0.12
0.86-0.05900.01290.08-0.05-0.15
0.82-0.0692.450.01510.09-0.06-0.18
0.78-0.07950.01730.10-0.07-0.23
0.73-0.0797.450.01930.11-0.08-0.28
0.67-0.081000.02100.12-0.08-0.33
0.62-0.09102.450.02220.13-0.09-0.39
0.56-0.091050.02280.14-0.09-0.45
0.51-0.09107.450.02300.14-0.09-0.51
0.45-0.091100.02260.14-0.09-0.56
0.40-0.09112.450.02180.13-0.09-0.61
0.35-0.091150.02070.13-0.09-0.66
0.31-0.08117.450.01950.12-0.09-0.71
0.27-0.081200.01800.11-0.08-0.75
0.24-0.07122.450.01660.10-0.08-0.78

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

spot5593103113123157.451K0
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

spot25.575.598110.5137.45180.59K9K
■ calls (up)■ puts (down)Every expiration combined: 52K call contracts, 66K 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: FUTU workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk