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Max pain // Cboe delayed data · as of Aug 1, 3:00 AM ET

GYRE max pain

Spot (delayed)$5.75
Max pain · Fri, Oct 16$7.5+30.4% vs spot
Put/Call OI0.331 puts / 3 calls
Call wall$7.5largest call OI
Put wall$10largest put OI
IV3095.5%30-day implied vol
Net GEX+$7per 1% move

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 · Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · 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, Aug 21$2.5-56.5%20d
Fri, Oct 16$7.5+30.4%76d
Fri, Jan 15$5-13.0%167d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Oct 16

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, Oct 16

Stacked — layer the expirations

spot57.530
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

spot2.557.51012.5152020
■ calls (up)■ puts (down)Every expiration combined: 4 call contracts, 22 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: GYRE workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk