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

HOOD max pain

Spot (delayed)$112.32
Max pain · Fri, Oct 9$115+2.4% vs spot
Expected move (ATM straddle)±$14.65±13.0% by Fri, Oct 9
Put/Call OI0.815K puts / 6K calls
Call wall$122largest call OI
Put wall$85largest put OI
IV3059.1%30-day implied vol
Net GEX+$364Kper 1% move · flip ≈ $40
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

spot1157092114136158180$32M$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 — 115 — is the max pain price.

Open interest by strike · Fri, Oct 9

spot11570951031111191401K1K
■ calls (up)■ puts (down)HOOD open contracts per strike for Fri, Oct 9.

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

spot4092101110119145+311311
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: 92 +311 · 117 +128 · 93 +114 · 118 +112

Volume by strike · Fri, Oct 9

spot11570951031111191406K6K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 9

spot709211413615818080%59%
— call IV— put IVATM ≈ 59.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 9

spotflip 407095103111119140+$271K$271K
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 9

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.70-0.121050.01880.11-0.12-0.30
0.68-0.121060.01940.11-0.12-0.32
0.66-0.121070.01990.11-0.12-0.34
0.64-0.121080.02030.12-0.12-0.36
0.62-0.131090.02070.12-0.13-0.38
0.60-0.131100.02100.12-0.13-0.41
0.57-0.131110.02130.12-0.13-0.43
0.55-0.131120.02140.12-0.13-0.45
0.53-0.131130.02160.12-0.13-0.47
0.51-0.131140.02160.12-0.13-0.49
0.49-0.131150.02160.12-0.13-0.51
0.47-0.131160.02150.12-0.13-0.54
0.45-0.131170.02140.12-0.13-0.56
0.43-0.131180.02120.12-0.13-0.58
0.41-0.131190.02090.12-0.13-0.60

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 48 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