Max pain // Cboe delayed data · as of Sep 21, 12:32 PM ET

SNDK max pain

Spot (delayed)$1,813
Max pain · Fri, Sep 25$1,650-9.0% vs spot
Expected move (ATM straddle)±$131.35±7.2% by Fri, Sep 25
Put/Call OI1.3439K puts / 29K calls
Call wall$1,800largest call OI
Put wall$1,500largest put OI
IV3070.2%30-day implied vol
Net GEX+$62.8Mper 1% move · flip ≈ $1,800
Earnings · expectedThu, Nov 5usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Fri, Sep 25$1,650-9.0%4d
Fri, Oct 2$1,600-11.7%11d
Fri, Oct 9$1,440-20.6%18d
Fri, Oct 16$1,600-11.7%25d
Fri, Oct 23$1,690-6.8%32d
Fri, Oct 30$1,600-11.7%39d
Fri, Nov 20$1,500-17.3%60d← 1st expiry after earnings (Thu, Nov 5)
Fri, Dec 18$1,090-39.9%88d

The writer-loss curve — where max pain comes from

spot16505909981406181422222630$2.9B$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 — 1650 — is the max pain price.

Open interest by strike · Fri, Sep 25

spot1650590130015301630175019002K2K
■ calls (up)■ puts (down)SNDK open contracts per strike for Fri, Sep 25.

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, Sep 25

spot1650590130015301630175019004K4K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 25

spot5909981406181422222630235%63%
— call IV— put IVATM ≈ 65.3% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 25

spotflip 1800130015101580167017701900+$12.5M$12.5M
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, Sep 25

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.64-4.3817400.00230.93-4.40-0.36
0.62-4.4917500.00240.95-4.51-0.38
0.61-4.5417550.00240.95-4.56-0.39
0.57-4.6617700.00240.97-4.68-0.43
0.56-4.6917750.00240.98-4.71-0.44
0.55-4.7117800.00240.98-4.73-0.46
0.50-4.7718000.00240.99-4.79-0.50
0.47-4.7718100.00240.99-4.79-0.53
0.44-4.7418250.00240.98-4.76-0.56
0.38-4.6018500.00230.95-4.62-0.62
0.34-4.4318700.00220.91-4.45-0.66
0.28-4.1019000.00200.84-4.12-0.72
0.20-3.4219500.00160.70-3.44-0.80
0.14-2.7120000.00130.56-2.72-0.86
0.13-2.5720100.00120.53-2.59-0.87

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot590135015251640176020605K0
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

spot4560090013401600225016K16K
■ calls (up)■ puts (down)Every expiration combined: 381K call contracts, 478K 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: SNDK workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk