What is the max pain price for QBTS?

As of the latest delayed data, QBTS's max pain for the Fri, Oct 30 expiration is 12, versus a spot price of 12.22 (-1.8% away). It recomputes as open interest shifts.

What are the QBTS call and put walls?

For Fri, Oct 30, the largest call open interest sits at the 21 strike and the largest put open interest at 11.

Is max pain a price prediction?

No. It is a positioning snapshot — the settle price that would minimize option writers’ payout. The theory that prices drift toward it is contested, and nothing on this page is investment advice.

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

QBTS max pain

Spot (delayed)$12.22

Max pain · Fri, Oct 30$12-1.8% vs spot

Expected move (ATM straddle)±$0.65±5.3% by Fri, Oct 30

Put/Call OI0.237K puts / 33K calls

Call wall$21largest call OI

Put wall$11largest put OI

IV3084.2%30-day implied vol

Fri, Oct 3012 Fri, Nov 612.5 Fri, Nov 1312.5 Fri, Nov 2016 Fri, Nov 2713 Fri, Dec 416 Fri, Dec 1812 Fri, Jan 1515 Fri, Mar 1913 Fri, Apr 1614+2 further out

Max pain levels

Expiry	Max pain	vs spot	DTE
Fri, Oct 30	$12	-1.8%	2d
Fri, Nov 6	$12.5	+2.3%	9d
Fri, Nov 13	$12.5	+2.3%	16d
Fri, Nov 20	$16	+30.9%	23d
Fri, Nov 27	$13	+6.4%	30d
Fri, Dec 4	$16	+30.9%	37d
Fri, Dec 18	$12	-1.8%	51d
Fri, Jan 15	$15	+22.7%	79d
Fri, Mar 19	$13	+6.4%	142d
Fri, Apr 16	$14	+14.6%	170d

The writer-loss curve — where max pain comes from

■ 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 — 12 — is the max pain price.

Open interest by strike · Fri, Oct 30

■ calls (up)■ puts (down)QBTS open contracts per strike for Fri, Oct 30.

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 30

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

Greeks by strike · Fri, Oct 30

Call Δ	Call Θ	Strike	Γ	Vega	Put Θ	Put Δ
—	—	8	—	—	—	—
—	—	9	—	—	—	—
—	—	9.5	—	—	—	—
—	—	10	—	—	—	—
—	—	10.5	—	—	—	—
—	—	11	—	—	—	—
—	—	11.5	—	—	—	—
—	—	12	—	—	—	—
—	—	12.5	—	—	—	—
—	—	13	—	—	—	—
—	—	13.5	—	—	—	—
—	—	14	—	—	—	—
—	—	14.5	—	—	—	—
—	—	15	—	—	—	—
—	—	15.5	—	—	—	—

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 36 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

All expirations combined — total open interest

■ calls (up)■ puts (down)Every expiration combined: 359K call contracts, 245K 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: QBTS workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk