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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, Oct 16$135+8.7% vs spot
Expected move (ATM straddle)±$27.58±22.2% by Fri, Oct 16
Put/Call OI1.3274K puts / 56K calls
Call wall$135largest call OI
Put wall$110largest put OI
IV3067.8%30-day implied vol
Net GEX−$3.4Mper 1% move · flip ≈ $35
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

spot1352574123172221270$659M$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 — 135 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot13525651051451852509K9K
■ calls (up)■ puts (down)PLTR open contracts per strike for Fri, Oct 16.

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, Oct 16

spot13525651051451852502K2K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot2574123172221270135%56%
— call IV— put IVATM ≈ 59.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 352565105145185250+$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 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.89-0.04900.00500.11-0.04-0.11
0.86-0.05950.00620.13-0.05-0.14
0.82-0.061000.00740.15-0.06-0.18
0.77-0.061050.00860.17-0.07-0.23
0.72-0.071100.00960.19-0.07-0.28
0.67-0.081150.01040.21-0.08-0.34
0.61-0.081200.01110.22-0.08-0.39
0.55-0.081250.01140.23-0.09-0.45
0.50-0.091300.01160.23-0.09-0.51
0.45-0.081350.01150.23-0.09-0.56
0.39-0.081400.01120.22-0.08-0.62
0.35-0.081450.01070.21-0.08-0.67
0.30-0.071500.01020.20-0.07-0.71
0.26-0.071550.00950.19-0.07-0.75
0.23-0.061600.00880.17-0.06-0.79

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 43 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