Max pain // Cboe delayed data · as of Sep 12, 3:44 AM ET

GME max pain

Spot (delayed)$21.1
Max pain · Fri, Oct 16$19-10.0% vs spot
Expected move (ATM straddle)±$2.22±10.5% by Fri, Oct 16
Put/Call OI0.1639K puts / 240K calls
Call wall$25largest call OI
Put wall$20largest put OI
IV3043.1%30-day implied vol
Net GEX+$5.3Mper 1% move · flip ≈ $8

Event risk before this expiration: 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, Sep 18$20-5.2%6d
Fri, Sep 25$19-10.0%13d
Fri, Oct 2$19.5-7.6%20d
Fri, Oct 9$18.5-12.3%27d
Fri, Oct 16$19-10.0%34d
Fri, Oct 23$18-14.7%41d
Fri, Oct 30$18.5-12.3%48d
Fri, Dec 18$22+4.3%97d

The writer-loss curve — where max pain comes from

spot1931222314150$509M$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 — 19 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot193101724313833K33K
■ calls (up)■ puts (down)GME open contracts per strike for Fri, Oct 16.

Open-interest change · 2026-09-102026-09-11

spot41824303645+1K1K
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot — where the walls are building and where they’re unwinding. Biggest moves: 18 1K · 22 +982 · 21 +692 · 25 425

Volume by strike · Fri, Oct 16

spot19310172431385K5K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot81625334250139%38%
— call IV— put IVATM ≈ 42.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 831017243138+$1.1M$1.1M
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
0.98-0.00140.00920.00-0.00-0.02
0.98-0.00150.01380.00-0.00-0.02
0.97-0.00160.02150.01-0.00-0.03
0.95-0.00170.03510.01-0.00-0.05
0.91-0.01180.05970.01-0.01-0.09
0.83-0.01190.09620.02-0.01-0.17
0.70-0.01200.12920.02-0.01-0.30
0.56-0.02210.14060.03-0.02-0.45
0.43-0.02220.13090.03-0.02-0.58
0.33-0.02230.11160.02-0.02-0.68
0.26-0.02240.09210.02-0.02-0.75
0.20-0.01250.07530.02-0.01-0.81
0.17-0.01260.06210.02-0.01-0.84
0.15-0.01270.05220.01-0.01-0.86
0.13-0.01280.04480.01-0.01-0.88

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 42 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot3131924293624K0
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.

Max pain history — nearest expiry vs price

07-2808-0508-1308-2108-3109-0822.1317.93
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.

All expirations combined — total open interest

spot313.51924.53039199K199K
■ calls (up)■ puts (down)Every expiration combined: 1.3M call contracts, 360K 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: GME workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk