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Max pain // Cboe delayed data · as of Jul 29, 2:09 AM ET

NVDA max pain

Spot (delayed)$197.63
Max pain · Mon, Aug 10$200+1.2% vs spot
Expected move (ATM straddle)±$11.63±5.9% by Mon, Aug 10
Put/Call OI0.162K puts / 13K calls
Call wall$200largest call OI
Put wall$170largest put OI
IV3045.7%30-day implied vol
Net GEX+$9.7Mper 1% move · flip ≈ $200
Earnings · expectedWed, Aug 26usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Wed, Jul 29$200+1.2%today
Fri, Jul 31$200+1.2%2d
Mon, Aug 3$200+1.2%5d
Wed, Aug 5$202.5+2.5%7d
Fri, Aug 7$205+3.7%9d
Mon, Aug 10$200+1.2%12d
Fri, Aug 14$200+1.2%16d
Fri, Aug 21$200+1.2%23d

The writer-loss curve — where max pain comes from

spot200135163191219247275$86M$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 · Mon, Aug 10

spot2001351601802002202407K7K
■ calls (up)■ puts (down)NVDA open contracts per strike for Mon, Aug 10.

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 · Mon, Aug 10

spot2001351601802002202405K5K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Aug 10

spot135163191219247275106%39%
— call IV— put IVATM ≈ 40.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Aug 10

spotflip 200135160180200220240+$7.5M$7.5M
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, Aug 10

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.96-0.051650.00380.03-0.06-0.04
0.95-0.071700.00580.04-0.07-0.05
0.92-0.101750.00880.06-0.10-0.08
0.87-0.141800.01280.08-0.14-0.13
0.79-0.181850.01760.11-0.18-0.21
0.69-0.211900.02230.13-0.21-0.31
0.57-0.231950.02550.15-0.24-0.43
0.44-0.232000.02620.15-0.23-0.56
0.32-0.202050.02410.13-0.20-0.69
0.21-0.162100.01970.11-0.16-0.80
0.13-0.122150.01450.08-0.12-0.88
0.08-0.082200.00980.06-0.08-0.93
0.05-0.052250.00650.04-0.06-0.97
0.03-0.042300.00430.03-0.04-0.98
0.02-0.032350.00290.02-0.03-0.99

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 24 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot100155187.5212.5237.530099K0
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

History starts accruing now: first snapshot taken 2026-07-28. We chart only days we actually observed — check back as the record builds. The measured hit-rate across all tickers lives on the accuracy ledger.

All expirations combined — total open interest

spot0.570140200245340434K434K
■ calls (up)■ puts (down)Every expiration combined: 7.5M call contracts, 6.0M 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: NVDA workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk