Max pain // Cboe delayed data · as of Oct 25, 11:31 PM ET

SPFI max pain

Spot (delayed)$43.02
Max pain · Fri, Nov 20$45+4.6% vs spot
Expected move (ATM straddle)±$4.15±9.6% by Fri, Nov 20
Put/Call OI0.501 puts / 2 calls
Call wall$45largest call OI
Put wall$45largest put OI
IV3042.7%30-day implied vol
Net GEX+$72per 1% move · flip ≈ $50

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$45+4.6%25d
Fri, Dec 18$40-7.0%53d
Fri, Mar 19$40-7.0%144d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Nov 20

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, Nov 20

Stacked — layer the expirations

spot40455055360
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

spot22.5304050603636
■ calls (up)■ puts (down)Every expiration combined: 56 call contracts, 10 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: SPFI workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk