Max pain // Cboe delayed data · as of Oct 26, 12:20 AM ET

IOVA max pain

Spot (delayed)$14.09
Max pain · Fri, Dec 4$14-0.6% vs spot
Expected move (ATM straddle)±$4.23±30.0% by Fri, Dec 4
Put/Call OI2.0040 puts / 20 calls
Call wall$15largest call OI
Put wall$14largest put OI
IV30112.1%30-day implied vol
Net GEX−$272per 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 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Oct 30$11-21.9%4d
Fri, Nov 6$12.5-11.3%11d
Fri, Nov 13$14-0.6%18d
Fri, Nov 20$12.5-11.3%25d
Fri, Nov 27$14.5+2.9%32d
Fri, Dec 4$14-0.6%39d
Fri, Dec 18$7.5-46.8%53d
Fri, Jan 15$8-43.2%81d
Fri, Mar 19$7.5-46.8%144d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 4

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 4

Stacked — layer the expirations

spot26.510.513.516.519.57K0
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

spot0.55.510.515.520.525.549K49K
■ calls (up)■ puts (down)Every expiration combined: 270K call contracts, 156K 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: IOVA workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk