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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, Oct 16$18+7.5% vs spot
Expected move (ATM straddle)±$3.86±23.0% by Fri, Oct 16
Put/Call OI0.6138K puts / 63K calls
Call wall$20largest call OI
Put wall$15largest put OI
IV3065.2%30-day implied vol
Net GEX+$292Kper 1% move · flip ≈ $6

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

spot1851117232935$77M$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 — 18 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot18510152025308K8K
■ calls (up)■ puts (down)SOFI 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

spot18510152025302K2K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot51117232935138%56%
— call IV— put IVATM ≈ 62.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 651015202530+$128K$128K
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
0.96-0.00100.01590.01-0.00-0.04
0.93-0.00110.02450.01-0.00-0.07
0.89-0.01120.03500.01-0.01-0.11
0.84-0.01130.04700.02-0.01-0.16
0.78-0.01140.05890.02-0.01-0.22
0.71-0.01150.06950.03-0.01-0.29
0.63-0.01160.07720.03-0.01-0.37
0.55-0.01170.08140.03-0.01-0.46
0.47-0.01180.08200.03-0.01-0.54
0.40-0.01190.07930.03-0.01-0.61
0.33-0.01200.07440.03-0.01-0.68
0.28-0.01210.06810.03-0.01-0.73
0.23-0.01220.06110.02-0.01-0.78
0.19-0.01230.05410.02-0.01-0.83
0.16-0.01240.04750.02-0.01-0.86

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 27 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