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Max pain // Cboe delayed data · as of Jul 29, 2:16 AM ET

HOOD max pain

Spot (delayed)$93.75
Max pain · Fri, Aug 28$102+8.8% vs spot
Expected move (ATM straddle)±$17.83±19.0% by Fri, Aug 28
Put/Call OI1.499K puts / 6K calls
Call wall$110largest call OI
Put wall$70largest put OI
IV3079.3%30-day implied vol
Net GEX−$179Kper 1% move
Earnings · expectedWed, Jul 29usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Fri, Jul 31$98+4.5%2d← 1st expiry after earnings (Wed, Jul 29)
Fri, Aug 7$100+6.7%9d
Fri, Aug 14$104+10.9%16d
Fri, Aug 21$94+0.3%23d
Fri, Aug 28$102+8.8%30d
Fri, Sep 4$94+0.3%37d
Fri, Sep 18$95+1.3%51d
Fri, Oct 16$90-4.0%79d

The writer-loss curve — where max pain comes from

spot102255279106133160$48M$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 — 102 — is the max pain price.

Open interest by strike · Fri, Aug 28

spot1022585991081171303K3K
■ calls (up)■ puts (down)HOOD open contracts per strike for Fri, Aug 28.

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, Aug 28

spot102258599108117130572572
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 28

spot255279106133160296%70%
— call IV— put IVATM ≈ 82.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 28

spot258599108117130+$191K$191K
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, Aug 28

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.90-0.06700.00770.05-0.07-0.10
0.84-0.08750.01060.07-0.09-0.16
0.78-0.10800.01350.08-0.11-0.22
0.69-0.12850.01610.10-0.12-0.31
0.61-0.13900.01780.10-0.13-0.40
0.57-0.14920.01830.11-0.14-0.43
0.55-0.14930.01840.11-0.14-0.45
0.53-0.14940.01860.11-0.14-0.47
0.51-0.14950.01860.11-0.14-0.49
0.49-0.14960.01870.11-0.14-0.51
0.48-0.14970.01870.11-0.14-0.53
0.46-0.14980.01860.11-0.14-0.54
0.44-0.14990.01850.11-0.14-0.56
0.42-0.131000.01840.11-0.13-0.58
0.41-0.131010.01830.10-0.13-0.60

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 52 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot5083941051161359K0
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

History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.

All expirations combined — total open interest

spot5458610413518575K75K
■ calls (up)■ puts (down)Every expiration combined: 951K call contracts, 627K 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: HOOD workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk