Max pain // Cboe delayed data · as of Sep 12, 3:01 AM ET

META max pain

Spot (delayed)$647.58
Max pain · Mon, Sep 14$630-2.7% vs spot
Expected move (ATM straddle)±$12.38±1.9% by Mon, Sep 14
Put/Call OI0.8811K puts / 12K calls
Call wall$650largest call OI
Put wall$630largest put OI
IV3036.4%30-day implied vol
Net GEX+$18.1Mper 1% move · flip ≈ $652.5
Earnings · expectedWed, Oct 28usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Mon, Sep 14$630-2.7%3d
Wed, Sep 16$637.5-1.6%5d
Fri, Sep 18$600-7.3%7d
Mon, Sep 21$635-1.9%10d
Wed, Sep 23$645-0.4%12d
Fri, Sep 25$615-5.0%14d
Fri, Oct 2$595-8.1%21d
Fri, Oct 9$610-5.8%28d

The writer-loss curve — where max pain comes from

spot630520558596634672710$107M$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 — 630 — is the max pain price.

Open interest by strike · Mon, Sep 14

spot630520585617.5642.5667.5697.51K1K
■ calls (up)■ puts (down)META open contracts per strike for Mon, Sep 14.

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

spot510560605630655680+790790
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: 650 +790 · 700 +652 · 660 +447 · 655 +443

Volume by strike · Mon, Sep 14

spot630520585617.5642.5667.5697.56K6K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Sep 14

spot52055859663467271087%23%
— call IV— put IVATM ≈ 26.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Sep 14

spotflip 652.5545590617.5640662.5690+$9.9M$9.9M
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
0.87-0.556300.01300.13-0.55-0.13
0.84-0.65632.50.01530.15-0.65-0.16
0.80-0.766350.01770.17-0.76-0.20
0.75-0.87637.50.02000.19-0.87-0.25
0.70-0.976400.02210.21-0.97-0.30
0.64-1.05642.50.02390.22-1.05-0.36
0.58-1.106450.02510.23-1.11-0.42
0.52-1.13647.50.02560.23-1.13-0.48
0.45-1.126500.02540.23-1.12-0.55
0.39-1.07652.50.02460.23-1.08-0.61
0.33-1.016550.02320.21-1.01-0.67
0.28-0.92657.50.02130.20-0.92-0.72
0.23-0.826600.01910.18-0.82-0.77
0.19-0.71662.50.01680.16-0.71-0.81
0.15-0.616650.01460.14-0.61-0.85

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 55 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot5520595635672.575018K0
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

07-2808-0508-1308-2108-3109-08651.50540.10
— 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

spot54906006757801100298K298K
■ calls (up)■ puts (down)Every expiration combined: 2.3M call contracts, 1.0M 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: META workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk