Max pain // Cboe delayed data · as of Oct 17, 1:53 AM ET

HBM max pain

Spot (delayed)$23.62
Max pain · Fri, Dec 18$20-15.3% vs spot
Expected move (ATM straddle)±$4.33±18.3% by Fri, Dec 18
Put/Call OI0.000 puts / 4 calls
Call wall$35largest call OI
IV3068.5%30-day implied vol
Net GEX+$74per 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, Nov 20$25+5.8%33d
Fri, Dec 18$20-15.3%61d
Fri, Jan 15$22.5-4.7%89d
Fri, Apr 16$25+5.8%180d
Fri, Jan 21$17.5-25.9%460d
Fri, Jan 19$20-15.3%824d

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

spot7.512.517.522.530405K0
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

spot7.512.517.522.530406K6K
■ calls (up)■ puts (down)Every expiration combined: 19K call contracts, 9K 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: HBM workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk