Max pain // Cboe delayed data · as of Aug 13, 11:29 PM ET

LOGI max pain

Spot (delayed)$104.53
Max pain · Fri, Sep 18$110+5.2% vs spot
Expected move (ATM straddle)±$7.2±6.9% by Fri, Sep 18
Put/Call OI1.585K puts / 3K calls
Call wall$120largest call OI
Put wall$95largest put OI
IV3030.8%30-day implied vol
Net GEX−$531Kper 1% move

Event risk before this expiration: Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · 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, Aug 21$105+0.4%7d
Fri, Sep 18$110+5.2%35d
Fri, Oct 16$105+0.4%63d
Fri, Nov 20$110+5.2%98d
Fri, Dec 18$105+0.4%126d
Fri, Mar 19$105+0.4%217d

The writer-loss curve — where max pain comes from

spot1105075100125150175$26M$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, Sep 18

spot1105070901101301502K2K
■ calls (up)■ puts (down)LOGI open contracts per strike for Fri, Sep 18.

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, Sep 18

spot1105070901101301506666
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 18

spot6083106129152175102%27%
— call IV— put IVATM ≈ 27.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 18

spot507090110130150+$531K$531K
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 18

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.99700.00160.01-0.01-0.01
0.98-0.00750.00270.02-0.01-0.02
0.96-0.01800.00460.03-0.02-0.03
0.94-0.02850.00780.04-0.02-0.06
0.90-0.03900.01320.06-0.03-0.10
0.83-0.04950.02180.09-0.04-0.17
0.70-0.051000.03250.12-0.05-0.30
0.52-0.061050.03930.13-0.06-0.49
0.33-0.051100.03570.12-0.05-0.68
0.20-0.041150.02610.09-0.04-0.81
0.12-0.031200.01730.07-0.03-0.90
0.07-0.021250.01120.04-0.02-0.94
0.04-0.021300.00730.03-0.01-0.97
0.03-0.011350.00490.02-0.01-0.99
0.02-0.011400.00330.02-0.02-1.00

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 23 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot70901101301501702K0
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

spot4570951201451703K3K
■ calls (up)■ puts (down)Every expiration combined: 17K call contracts, 14K 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: LOGI workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk