Max pain // Cboe delayed data · as of Sep 23, 3:57 AM ET

GOOGL max pain

Spot (delayed)$351.8
Max pain · Mon, Sep 28$350-0.5% vs spot
Expected move (ATM straddle)±$10.65±3.0% by Mon, Sep 28
Put/Call OI0.683K puts / 5K calls
Call wall$400largest call OI
Put wall$330largest put OI
IV3031.0%30-day implied vol
Net GEX+$4.8Mper 1% move · flip ≈ $355
Earnings · expectedWed, Oct 28usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Wed, Sep 23$350-0.5%today
Fri, Sep 25$345-1.9%2d
Mon, Sep 28$350-0.5%5d
Wed, Sep 30$352.5+0.2%7d
Fri, Oct 2$345-1.9%9d
Mon, Oct 5$350-0.5%12d
Fri, Oct 9$340-3.4%16d
Fri, Oct 16$345-1.9%23d

The writer-loss curve — where max pain comes from

spot350270299328357386415$24M$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 — 350 — is the max pain price.

Open interest by strike · Mon, Sep 28

spot350270312.5335355375405649649
■ calls (up)■ puts (down)GOOGL open contracts per strike for Mon, Sep 28.

Open-interest change · 2026-09-212026-09-22

spot285325340355370390+636636
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: 400 +636 · 295 +424 · 362.5 +253 · 330 +203

Volume by strike · Mon, Sep 28

spot350270312.53353553754054K4K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Sep 28

spot28531133736338941573%25%
— call IV— put IVATM ≈ 29.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Sep 28

spotflip 355270312.5335355375405+$1.9M$1.9M
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 · Mon, Sep 28

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.89-0.213350.01340.09-0.21-0.11
0.85-0.25337.50.01660.10-0.26-0.14
0.81-0.303400.02000.12-0.31-0.19
0.76-0.35342.50.02330.14-0.36-0.24
0.69-0.403450.02620.16-0.40-0.31
0.63-0.43347.50.02840.17-0.44-0.38
0.55-0.463500.02960.18-0.46-0.45
0.48-0.46352.50.02980.18-0.46-0.52
0.41-0.453550.02890.17-0.45-0.60
0.34-0.42357.50.02700.17-0.42-0.67
0.28-0.383600.02460.15-0.39-0.73
0.22-0.34362.50.02160.14-0.34-0.78
0.17-0.293650.01860.12-0.30-0.83
0.14-0.25367.50.01560.10-0.26-0.87
0.11-0.213700.01290.08-0.22-0.90

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot150300330352.537541019K0
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

07-2808-0608-1708-2609-0409-15380.31325.00
— 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

spot5205275345410530123K123K
■ calls (up)■ puts (down)Every expiration combined: 2.0M call contracts, 1.3M 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: GOOGL workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk