What is the max pain price for SIGA?

As of the latest delayed data, SIGA's max pain for the Fri, Aug 21 expiration is 4, versus a spot price of 2.99 (+33.8% away). It recomputes as open interest shifts.

What are the SIGA call and put walls?

For Fri, Aug 21, the largest call open interest sits at the 4 strike and the largest put open interest at 3.

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 Aug 19, 7:08 AM ET

SIGA max pain

Spot (delayed)$2.99

Max pain · Fri, Aug 21$4+33.8% vs spot

Expected move (ATM straddle)±$0.48±15.9% by Fri, Aug 21

Put/Call OI1.76380 puts / 216 calls

Call wall$4largest call OI

Put wall$3largest put OI

IV3072.8%30-day implied vol

Net GEX−$6Kper 1% move · flip ≈ $3

Fri, Aug 214 Fri, Sep 184.4 Fri, Dec 184 Fri, Jan 153.8 Fri, Mar 193

Max pain levels

Expiry	Max pain	vs spot	DTE
Fri, Aug 21	$4	+33.8%	2d
Fri, Sep 18	$4.4	+47.2%	30d
Fri, Dec 18	$4	+33.8%	121d
Fri, Jan 15	$3.8	+27.1%	149d
Fri, Mar 19	$3	+0.3%	212d

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 — 4 — is the max pain price.

Open interest by strike · Fri, Aug 21

■ calls (up)■ puts (down)SIGA open contracts per strike for Fri, Aug 21.

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 21

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

Implied volatility by strike · Fri, Aug 21

— call IV— put IVATM ≈ 207.6% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Greeks by strike · Fri, Aug 21

Call Δ	Call Θ	Strike	Γ	Vega	Put Θ	Put Δ
1.00	—	1	—	—	—	—
1.00	—	2	0.0003	—	—	—
0.49	-0.01	3	2.0853	0.00	-0.01	-0.52
0.00	—	4	0.0026	—	0.00	-1.00
—	—	5	—	—	0.00	-1.00
—	—	6	—	—	0.00	-1.00

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

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.

All expirations combined — total open interest

■ calls (up)■ puts (down)Every expiration combined: 6K call contracts, 883 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: SIGA workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk