Max pain // Cboe delayed data · as of Oct 26, 11:02 PM ET

GBTC max pain

Spot (delayed)$61.63
Max pain · Fri, Dec 4$64.5+4.7% vs spot
Expected move (ATM straddle)±$6.05±9.8% by Fri, Dec 4
Put/Call OI0.000 puts / 6 calls
Call wall$66largest call OI
IV3037.7%30-day implied vol
Net GEX+$1Kper 1% move

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Oct 30$61-1.0%3d
Fri, Nov 6$60-2.6%10d
Fri, Nov 13$63+2.2%17d
Fri, Nov 20$63+2.2%24d
Fri, Nov 27$58-5.9%31d
Fri, Dec 4$64.5+4.7%38d
Fri, Dec 18$40-35.1%52d
Fri, Jan 15$52-15.6%80d
Fri, Mar 19$62+0.6%143d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 4

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 4

Stacked — layer the expirations

spot5057.562.565.568.5753580
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

spot255261688511510K10K
■ calls (up)■ puts (down)Every expiration combined: 38K call contracts, 12K 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: GBTC workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk