Max pain // Cboe delayed data · as of Oct 21, 2:39 PM ET

GEMI max pain

Spot (delayed)$3.17
Max pain · Fri, Dec 18$5+57.7% vs spot
Put/Call OI0.0916 puts / 175 calls
Call wall$5largest call OI
Put wall$5largest put OI
IV3097.2%30-day implied vol
Net GEX+$282per 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 · 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 23$1-68.5%2d
Fri, Oct 30$5+57.7%9d
Fri, Nov 6$4+26.2%16d
Fri, Nov 13$4+26.2%23d
Fri, Nov 20$5+57.7%30d
Fri, Nov 27$5+57.7%37d
Fri, Dec 18$5+57.7%58d
Fri, Jan 15$5+57.7%86d
Fri, Apr 16$5+57.7%177d

The writer-loss curve — where max pain comes from

Open interest by strike · 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

Stacked — layer the expirations

spot12.545.57101K0
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

spot13.568.511207K7K
■ calls (up)■ puts (down)Every expiration combined: 33K call contracts, 16K 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: GEMI workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk