Max pain // Cboe delayed data · as of Sep 12, 3:55 AM ET

PLTR max pain

Spot (delayed)$167.39
Max pain · Fri, Oct 9$170+1.6% vs spot
Expected move (ATM straddle)±$16.73±10.0% by Fri, Oct 9
Put/Call OI1.4610K puts / 7K calls
Call wall$200largest call OI
Put wall$170largest put OI
IV3045.4%30-day implied vol
Net GEX−$2.4Mper 1% move · flip ≈ $105
Earnings · expectedMon, Nov 2usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Sep 18$155-7.4%7d
Fri, Sep 25$172.5+3.1%14d
Fri, Oct 2$172.5+3.1%21d
Fri, Oct 9$170+1.6%28d
Fri, Oct 16$160-4.4%35d
Fri, Oct 23$175+4.5%42d
Fri, Oct 30$170+1.6%49d
Fri, Nov 20$160-4.4%70d← 1st expiry after earnings (Mon, Nov 2)

The writer-loss curve — where max pain comes from

spot170110138166194222250$51M$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 — 170 — is the max pain price.

Open interest by strike · Fri, Oct 9

spot1701101461601802002353K3K
■ calls (up)■ puts (down)PLTR open contracts per strike for Fri, Oct 9.

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

spot120146157.5175192.5215+1K1K
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: 170 +1K · 120 +202 · 167.5 +119 · 200 88

Volume by strike · Fri, Oct 9

spot170110146160180200235370370
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 9

spot11013816619422225071%45%
— call IV— put IVATM ≈ 45.1% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 9

spotflip 105110146160180200235+$1.3M$1.3M
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, Oct 9

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.82-0.101500.01180.12-0.10-0.18
0.79-0.11152.50.01320.14-0.11-0.21
0.75-0.121550.01460.15-0.12-0.25
0.71-0.13157.50.01580.16-0.13-0.29
0.67-0.141600.01690.17-0.14-0.33
0.63-0.14162.50.01780.18-0.15-0.38
0.58-0.151650.01850.18-0.15-0.42
0.53-0.15167.50.01890.18-0.15-0.47
0.48-0.151700.01900.18-0.15-0.52
0.44-0.15172.50.01880.18-0.15-0.57
0.39-0.141750.01840.18-0.15-0.61
0.35-0.14177.50.01770.17-0.14-0.66
0.31-0.131800.01690.16-0.13-0.70
0.27-0.12182.50.01590.15-0.13-0.73
0.24-0.121850.01480.14-0.12-0.77

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 44 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot3095145167.519524022K0
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

07-2808-0508-1308-2108-3109-08186.28121.15
— 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

spot560100157.5200320117K117K
■ calls (up)■ puts (down)Every expiration combined: 1.7M call contracts, 1.7M 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