Max pain // Cboe delayed data · as of Sep 12, 3:44 AM ET

HOOD max pain

Spot (delayed)$112.32
Max pain · Fri, Sep 25$109-3.0% vs spot
Expected move (ATM straddle)±$10.08±9.0% by Fri, Sep 25
Put/Call OI0.9522K puts / 23K calls
Call wall$130largest call OI
Put wall$81largest put OI
IV3059.1%30-day implied vol
Net GEX+$1.9Mper 1% move · flip ≈ $120
Earnings · expectedWed, Nov 4usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Sep 18$105-6.5%7d
Fri, Sep 25$109-3.0%14d
Fri, Oct 2$110-2.1%21d
Fri, Oct 9$115+2.4%28d
Fri, Oct 16$105-6.5%35d
Fri, Oct 23$112-0.3%42d
Fri, Oct 30$112-0.3%49d
Fri, Nov 20$95-15.4%70d← 1st expiry after earnings (Wed, Nov 4)

The writer-loss curve — where max pain comes from

spot1096584103122141160$85M$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 — 109 — is the max pain price.

Open interest by strike · Fri, Sep 25

spot1096587971071171406K6K
■ calls (up)■ puts (down)HOOD open contracts per strike for Fri, Sep 25.

Open-interest change · 2026-09-102026-09-11

spot658696106115125+6K6K
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: 81 +6K · 112 +330 · 94 +325 · 143 +325

Volume by strike · Fri, Sep 25

spot1096587971071171403K3K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 25

spot6584103122141160111%57%
— call IV— put IVATM ≈ 57.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 25

spotflip 120658797107117140+$626K$626K
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, Sep 25

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.75-0.141050.02480.07-0.14-0.25
0.73-0.151060.02620.07-0.15-0.27
0.70-0.161070.02750.08-0.16-0.30
0.67-0.171080.02860.08-0.17-0.33
0.64-0.171090.02960.08-0.17-0.36
0.61-0.171100.03030.09-0.18-0.39
0.58-0.181110.03090.09-0.18-0.42
0.55-0.181120.03130.09-0.18-0.46
0.52-0.181130.03140.09-0.18-0.49
0.48-0.181140.03140.09-0.18-0.52
0.45-0.181150.03120.09-0.18-0.55
0.42-0.181160.03070.09-0.18-0.58
0.39-0.181170.03010.09-0.18-0.61
0.37-0.171180.02940.08-0.17-0.64
0.34-0.171190.02850.08-0.17-0.66

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot15819410712016015K0
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

07-2808-0508-1308-2108-3109-08123.8986.35
— 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

spot5458511715021065K65K
■ calls (up)■ puts (down)Every expiration combined: 967K call contracts, 661K 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