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Max pain // Cboe delayed data · as of Aug 14, 1:42 PM ET

MT max pain

Spot (delayed)$73.47
Max pain · Fri, Aug 21$68-7.4% vs spot
Expected move (ATM straddle)±$3.95±5.4% by Fri, Aug 21
Put/Call OI0.553K puts / 6K calls
Call wall$70largest call OI
Put wall$55largest put OI
Fri, Aug 2168Fri, Aug 2871Fri, Sep 469Fri, Sep 1172Fri, Sep 1870Fri, Sep 2569Fri, Dec 1875Fri, Jan 1537+3 further out

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 21$68-7.4%5d
Fri, Aug 28$71-3.4%12d
Fri, Sep 4$69-6.1%19d
Fri, Sep 11$72-2.0%26d
Fri, Sep 18$70-4.7%33d
Fri, Sep 25$69-6.1%40d
Fri, Dec 18$75+2.1%124d
Fri, Jan 15$37-49.6%152d

The writer-loss curve — where max pain comes from

spot684052647688100$15M$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 — 68 — is the max pain price.

Open interest by strike · Fri, Aug 21

spot684058647076901K1K
■ calls (up)■ puts (down)MT open contracts per strike for Fri, Aug 21.

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, Aug 21

spot6840586470769011
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Greeks by strike · Fri, Aug 21

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
——66————
——67————
——68————
——69————
——70————
——71————
——72————
——73————
——74————
——75————
——76————
——77————
——78————
——79————
——80————

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 32 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot5565697377851K0
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

spot1335496071824K4K
■ calls (up)■ puts (down)Every expiration combined: 32K call contracts, 25K 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: MT workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk