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

GOOGL max pain

Spot (delayed)$351.8
Max pain · Wed, Sep 30$352.5+0.2% vs spot
Expected move (ATM straddle)±$12.93±3.7% by Wed, Sep 30
Put/Call OI0.743K puts / 3K calls
Call wall$360largest call OI
Put wall$295largest put OI
IV3031.0%30-day implied vol
Net GEX+$3.2Mper 1% move · flip ≈ $360
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

spot352.5265294323352381410$14M$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 — 352.5 — is the max pain price.

Open interest by strike · Wed, Sep 30

spot352.5265305327.5347.5367.5387.5989989
■ calls (up)■ puts (down)GOOGL open contracts per strike for Wed, Sep 30.

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

spot275320337.5355372.5390+985985
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: 295 +985 · 380 +116 · 330 +105 · 405 +101

Volume by strike · Wed, Sep 30

spot352.5265305327.5347.5367.5387.51K1K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Wed, Sep 30

spot265294323352381410116%30%
— call IV— put IVATM ≈ 31.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Wed, Sep 30

spotflip 360265305327.5347.5367.5387.5+$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 · Wed, Sep 30

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.85-0.233350.01390.12-0.23-0.15
0.82-0.27337.50.01630.14-0.27-0.18
0.77-0.313400.01860.16-0.31-0.23
0.72-0.34342.50.02070.17-0.34-0.28
0.67-0.373450.02250.19-0.37-0.33
0.61-0.39347.50.02390.20-0.40-0.39
0.55-0.413500.02460.21-0.41-0.45
0.49-0.41352.50.02480.21-0.41-0.52
0.43-0.403550.02430.20-0.41-0.58
0.37-0.39357.50.02330.20-0.39-0.64
0.31-0.373600.02180.18-0.37-0.69
0.26-0.34362.50.02000.17-0.34-0.74
0.22-0.313650.01790.15-0.31-0.79
0.18-0.27367.50.01580.14-0.28-0.82
0.15-0.243700.01380.12-0.25-0.86

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 46 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