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

FUTU max pain

Spot (delayed)$105.48
Max pain · Fri, Oct 16$105-0.5% vs spot
Expected move (ATM straddle)±$16.35±15.5% by Fri, Oct 16
Put/Call OI2.972K puts / 789 calls
Call wall$110largest call OI
Put wall$90largest put OI
IV3051.3%30-day implied vol
Net GEX−$178Kper 1% move

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 — 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

spot105507090110130150$9M$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 — 105 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot1055070901101301501K1K
■ calls (up)■ puts (down)FUTU open contracts per strike for Fri, Oct 16.

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 16

spot105507090110130150201201
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot507090110130150147%42%
— call IV— put IVATM ≈ 45.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spot507090110130150+$174K$174K
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 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.97-0.01700.00290.03-0.01-0.03
0.95-0.02750.00450.05-0.02-0.06
0.92-0.03800.00650.07-0.03-0.09
0.88-0.04850.00910.10-0.04-0.13
0.82-0.04900.01180.12-0.05-0.19
0.74-0.06950.01430.15-0.06-0.27
0.66-0.061000.01630.17-0.06-0.35
0.58-0.071050.01740.18-0.07-0.44
0.49-0.071100.01760.18-0.07-0.53
0.41-0.071150.01700.17-0.07-0.61
0.34-0.061200.01580.17-0.07-0.69
0.28-0.061250.01430.15-0.06-0.75
0.23-0.051300.01260.14-0.06-0.81
0.18-0.051350.01100.12-0.05-0.85
0.15-0.041400.00940.10-0.04-0.89

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 21 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