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Max pain // Cboe delayed data · as of Jul 29, 2:16 AM ET

PLTR max pain

Spot (delayed)$124.16
Max pain · Fri, Aug 28$129+3.9% vs spot
Expected move (ATM straddle)±$19.42±15.6% by Fri, Aug 28
Put/Call OI1.0714K puts / 13K calls
Call wall$130largest call OI
Put wall$100largest put OI
IV3067.8%30-day implied vol
Net GEX−$257Kper 1% move
Earnings · expectedMon, Aug 3usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Fri, Jul 31$125+0.7%2d
Fri, Aug 7$129+3.9%9d← 1st expiry after earnings (Mon, Aug 3)
Fri, Aug 14$130+4.7%16d
Fri, Aug 21$130+4.7%23d
Fri, Aug 28$129+3.9%30d
Fri, Sep 4$122-1.7%37d
Fri, Sep 18$135+8.7%51d
Fri, Oct 16$135+8.7%79d

The writer-loss curve — where max pain comes from

spot1296096132168204240$123M$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 — 129 — is the max pain price.

Open interest by strike · Fri, Aug 28

spot129601131241331421803K3K
■ calls (up)■ puts (down)PLTR open contracts per strike for Fri, Aug 28.

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 28

spot12960113124133142180683683
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 28

spot6096132168204240101%66%
— call IV— put IVATM ≈ 67.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 28

spot60113124133142180+$634K$634K
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, Aug 28

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.68-0.141150.01440.13-0.14-0.32
0.67-0.141160.01470.13-0.14-0.33
0.65-0.141170.01500.13-0.15-0.35
0.64-0.151180.01530.14-0.15-0.36
0.60-0.151200.01570.14-0.15-0.40
0.57-0.151220.01600.14-0.15-0.43
0.56-0.151230.01620.14-0.16-0.45
0.54-0.161240.01620.14-0.16-0.46
0.52-0.161250.01630.14-0.16-0.48
0.51-0.161260.01640.14-0.16-0.49
0.49-0.161270.01640.14-0.16-0.51
0.48-0.151280.01640.14-0.16-0.53
0.46-0.151290.01630.14-0.16-0.54
0.44-0.151300.01630.14-0.15-0.56
0.43-0.151310.01620.14-0.15-0.57

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 50 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot5510411712914116534K0
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

spot1365105131165250125K125K
■ calls (up)■ puts (down)Every expiration combined: 1.8M call contracts, 1.6M 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: PLTR workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk