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Max pain // Cboe delayed data · as of Jul 29, 2:21 AM ET

SOFI max pain

Spot (delayed)$16.75
Max pain · Fri, Aug 14$17.5+4.5% vs spot
Expected move (ATM straddle)±$2.16±12.9% by Fri, Aug 14
Put/Call OI0.7719K puts / 25K calls
Call wall$25largest call OI
Put wall$10largest put OI
IV3065.2%30-day implied vol
Net GEX+$28Kper 1% move · flip ≈ $10

Max pain levels

ExpiryMax painvs spotDTE
Fri, Jul 31$17+1.5%2d
Fri, Aug 7$17.5+4.5%9d
Fri, Aug 14$17.5+4.5%16d
Fri, Aug 21$17+1.5%23d
Fri, Aug 28$17.5+4.5%30d
Fri, Sep 4$17+1.5%37d
Fri, Sep 18$20+19.4%51d
Fri, Oct 16$18+7.5%79d

The writer-loss curve — where max pain comes from

spot17.591215192225$11M$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 — 17.5 — is the max pain price.

Open interest by strike · Fri, Aug 14

spot17.591315.51820.5235K5K
■ calls (up)■ puts (down)SOFI open contracts per strike for Fri, Aug 14.

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 14

spot17.591315.51820.523906906
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Aug 14

spot101316192225208%61%
— call IV— put IVATM ≈ 74.7% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Aug 14

spotflip 1091315.51820.523+$121K$121K
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, Aug 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.93-0.01130.04500.01-0.01-0.07
0.90-0.0113.50.05860.01-0.01-0.10
0.86-0.02140.07450.01-0.02-0.13
0.82-0.0214.50.09190.01-0.02-0.18
0.77-0.03150.10980.01-0.03-0.23
0.71-0.0315.50.12620.01-0.03-0.29
0.64-0.03160.13950.01-0.03-0.36
0.56-0.0316.50.14790.01-0.03-0.43
0.49-0.03170.15060.01-0.03-0.51
0.42-0.0317.50.14740.01-0.03-0.58
0.35-0.03180.13940.01-0.03-0.65
0.29-0.0318.50.12800.01-0.03-0.71
0.24-0.02190.11470.01-0.02-0.76
0.20-0.0219.50.10090.01-0.02-0.80
0.16-0.02200.08750.01-0.02-0.84

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 29 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot512.515.518.521.525133K0
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

spot11116212838423K423K
■ calls (up)■ puts (down)Every expiration combined: 2.8M call contracts, 1.3M 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: SOFI workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk