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Max pain // Cboe delayed data · as of Oct 28, 1:44 PM ET

NTAP max pain

Spot (delayed)$229.83
Max pain · Fri, Nov 20$200-13.0% vs spot
Expected move (ATM straddle)±$23.75±10.3% by Fri, Nov 20
Put/Call OI0.644K puts / 7K calls
Call wall$240largest call OI
Put wall$200largest put OI
Fri, Nov 20200Fri, Dec 18195Fri, Jan 15145Fri, Mar 19200Thu, Jun 17200Fri, Sep 17240+2 further out

Event risk before this expiration: Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$200-13.0%23d
Fri, Dec 18$195-15.2%51d
Fri, Jan 15$145-36.9%79d
Fri, Mar 19$200-13.0%142d
Thu, Jun 17$200-13.0%232d
Fri, Sep 17$240+4.4%324d

The writer-loss curve — where max pain comes from

spot200100142184226268310$57M$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 — 200 — is the max pain price.

Open interest by strike · Fri, Nov 20

spot2001001351651952503101K1K
■ calls (up)■ puts (down)NTAP open contracts per strike for Fri, Nov 20.

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, Nov 20

spot20010013516519525031011
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Greeks by strike · Fri, Nov 20

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
——180————
——185————
——190————
——195————
——200————
——210————
——220————
——230————
——240————
——250————
——260————
——270————
——280————
——290————
——300————

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 31 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot40801201602002803K0
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

spot40851301752403303K3K
■ calls (up)■ puts (down)Every expiration combined: 27K call contracts, 21K 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: NTAP workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk