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

HOOD max pain

Spot (delayed)$112.32
Max pain · Fri, Oct 2$110-2.1% vs spot
Expected move (ATM straddle)±$12.6±11.2% by Fri, Oct 2
Put/Call OI0.6310K puts / 16K calls
Call wall$125largest call OI
Put wall$122largest put OI
IV3059.1%30-day implied vol
Net GEX+$1.2Mper 1% move · flip ≈ $121
Earnings · expectedWed, Nov 4usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 — 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

spot1107093116139162185$95M$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 — 110 — is the max pain price.

Open interest by strike · Fri, Oct 2

spot1107089991091191453K3K
■ calls (up)■ puts (down)HOOD open contracts per strike for Fri, Oct 2.

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

spot708898107116128+102102
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: 117 +102 · 98 +92 · 116 +90 · 99 +87

Volume by strike · Fri, Oct 2

spot110708999109119145835835
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 2

spot709311613916218589%58%
— call IV— put IVATM ≈ 58.5% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 2

spotflip 121708999109119145+$520K$520K
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, Oct 2

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.72-0.131050.02130.09-0.13-0.28
0.70-0.131060.02210.10-0.13-0.30
0.67-0.141070.02280.10-0.14-0.33
0.65-0.141080.02350.10-0.14-0.35
0.63-0.141090.02400.10-0.14-0.38
0.60-0.151100.02450.10-0.15-0.40
0.57-0.151110.02480.11-0.15-0.43
0.55-0.151120.02510.11-0.15-0.45
0.52-0.151130.02520.11-0.15-0.48
0.50-0.151140.02520.11-0.15-0.50
0.47-0.151150.02520.11-0.15-0.53
0.45-0.151160.02500.11-0.15-0.55
0.43-0.151170.02470.11-0.15-0.58
0.40-0.151180.02440.10-0.15-0.60
0.38-0.141190.02390.10-0.15-0.62

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