Max pain // Cboe delayed data · as of Aug 7, 10:04 AM ET

GE max pain

Spot (delayed)$376.2
Max pain · Fri, Aug 7$367.5-2.3% vs spot
Expected move (ATM straddle)±$5.72±1.5% by Fri, Aug 7
Put/Call OI3.5417K puts / 5K calls
Call wall$375largest call OI
Put wall$315largest put OI
IV3030.6%30-day implied vol
Net GEX+$10.5Mper 1% move · flip ≈ $370

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$367.5-2.3%today
Fri, Aug 14$362.5-3.6%7d
Fri, Aug 21$350-7.0%14d
Fri, Aug 28$345-8.3%21d
Fri, Sep 4$360-4.3%28d
Fri, Sep 11$360-4.3%35d
Fri, Sep 18$330-12.3%42d
Fri, Sep 25$355-5.6%49d

The writer-loss curve — where max pain comes from

spot367.5185240295350405460$192M$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 — 367.5 — is the max pain price.

Open interest by strike · Fri, Aug 7

spot367.5185235295327.53553805K5K
■ calls (up)■ puts (down)GE open contracts per strike for Fri, Aug 7.

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, Aug 7

spot367.5185235295327.5355380537537
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 7

spot318334351367384400138%21%
— call IV— put IVATM ≈ 36.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 7

spotflip 370320335352.5370385430+$4.7M$4.7M
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, Aug 7

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.98-0.06357.50.00590.01-0.07-0.02
0.97-0.103600.00920.01-0.11-0.03
0.94-0.17362.50.01440.02-0.18-0.06
0.91-0.323650.02260.03-0.32-0.09
0.84-0.59367.50.03360.05-0.59-0.16
0.74-1.083700.04540.06-1.08-0.26
0.62-1.88372.50.05400.08-1.88-0.38
0.48-2.373750.05590.08-2.37-0.52
0.35-1.67377.50.05100.07-1.67-0.65
0.24-1.023800.04170.06-1.02-0.77
0.16-0.61382.50.03120.05-0.63-0.85
0.10-0.363850.02200.04-0.40-0.91
0.04-0.153900.01040.02-0.21-0.97
0.03-0.11392.50.00750.01-0.18-0.98
0.02-0.083950.00560.01-0.17-0.98

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot1602403053403704002K0
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

spot14019026033537043012K12K
■ calls (up)■ puts (down)Every expiration combined: 101K call contracts, 108K 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: GE workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk