Max pain // Cboe delayed data · as of Sep 12, 3:03 AM ET

IWM max pain

Spot (delayed)$288.89
Max pain · Mon, Sep 14$290+0.4% vs spot
Expected move (ATM straddle)±$2.16±0.7% by Mon, Sep 14
Put/Call OI0.5551K puts / 93K calls
Call wall$302largest call OI
Put wall$285largest put OI
IV3017.7%30-day implied vol
Net GEX−$109.5Mper 1% move · flip ≈ $250

Max pain levels

ExpiryMax painvs spotDTE
Mon, Sep 14$290+0.4%3d
Tue, Sep 15$295+2.1%4d
Wed, Sep 16$297+2.8%5d
Thu, Sep 17$295+2.1%6d
Fri, Sep 18$290+0.4%7d
Mon, Sep 21$286-1.0%10d
Tue, Sep 22$282-2.4%11d
Wed, Sep 23$286-1.0%12d

The writer-loss curve — where max pain comes from

spot290230248266284302320$272M$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 — 290 — is the max pain price.

Open interest by strike · Mon, Sep 14

spot29023026627628629630628K28K
■ calls (up)■ puts (down)IWM open contracts per strike for Mon, Sep 14.

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

spot230265274283292301+9K9K
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: 285 +9K · 279 +5K · 275 +3K · 291 +3K

Volume by strike · Mon, Sep 14

spot29023026627628629630613K13K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Sep 14

spot26027228429630832040%8%
— call IV— put IVATM ≈ 10.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Sep 14

spotflip 250240267277287297307+$63.7M$63.7M
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 · Mon, Sep 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.96-0.042820.02000.02-0.04-0.04
0.95-0.062830.02790.03-0.06-0.05
0.92-0.082840.03910.04-0.08-0.08
0.89-0.102850.05450.05-0.10-0.11
0.84-0.132860.07470.07-0.13-0.16
0.76-0.162870.09930.08-0.17-0.24
0.66-0.192880.12570.10-0.19-0.34
0.53-0.202890.14610.10-0.20-0.47
0.38-0.182900.14770.10-0.18-0.63
0.24-0.132910.12410.08-0.13-0.77
0.13-0.082920.08640.06-0.08-0.88
0.06-0.042930.05020.04-0.04-0.94
0.03-0.022940.02600.02-0.02-0.98
0.01-0.012950.01390.01-0.01-0.99
0.01-0.012960.00860.01-0.01-0.99

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

spot23028028829630331528K0
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

07-2808-0508-1308-2108-3109-08304.69287.44
— 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

spot100190255283296315451K451K
■ calls (up)■ puts (down)Every expiration combined: 3.0M call contracts, 7.4M 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: IWM workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk