Max pain // Cboe delayed data · as of Sep 12, 2:58 AM ET

TSLA max pain

Spot (delayed)$365.25
Max pain · Mon, Sep 14$365-0.1% vs spot
Expected move (ATM straddle)±$6.9±1.9% by Mon, Sep 14
Put/Call OI0.8429K puts / 35K calls
Call wall$400largest call OI
Put wall$305largest put OI
IV3038.9%30-day implied vol
Net GEX+$24.2Mper 1% move · flip ≈ $370
Earnings · expectedWed, Oct 21usually after the close

Max pain levels

ExpiryMax painvs spotDTE
Mon, Sep 14$365-0.1%3d
Wed, Sep 16$362.5-0.8%5d
Fri, Sep 18$360-1.4%7d
Mon, Sep 21$365-0.1%10d
Wed, Sep 23$367.5+0.6%12d
Fri, Sep 25$355-2.8%14d
Fri, Oct 2$355-2.8%21d
Fri, Oct 9$355-2.8%28d

The writer-loss curve — where max pain comes from

spot365280310339369398428$159M$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 — 365 — is the max pain price.

Open interest by strike · Mon, Sep 14

spot365280307.5332.5357.5382.5407.57K7K
■ calls (up)■ puts (down)TSLA open contracts per strike for Mon, Sep 14.

Open-interest change · 2026-09-102026-09-11

spot280310335360385410+4K4K
Net contracts opened (up, green) or closed (down, red) per strike since the previous snapshot — where the walls are building and where they’re unwinding. Biggest moves: 400 +4K · 367.5 +1K · 300 +1K · 380 +832

Volume by strike · Mon, Sep 14

spot365280307.5332.5357.5382.5407.532K32K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Mon, Sep 14

spot285314342371399428103%25%
— call IV— put IVATM ≈ 25.9% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Mon, Sep 14

spotflip 370280307.5332.5357.5382.5407.5+$10.1M$10.1M
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 · Mon, Sep 14

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.96-0.12347.50.00820.03-0.12-0.04
0.94-0.153500.01110.04-0.15-0.06
0.92-0.20352.50.01550.05-0.20-0.08
0.88-0.283550.02170.07-0.28-0.12
0.82-0.37357.50.02930.09-0.37-0.18
0.74-0.483600.03720.11-0.48-0.26
0.64-0.58362.50.04330.12-0.58-0.36
0.53-0.623650.04600.13-0.63-0.47
0.42-0.61367.50.04480.13-0.62-0.59
0.31-0.553700.04010.12-0.55-0.69
0.22-0.45372.50.03350.10-0.45-0.78
0.15-0.353750.02620.08-0.35-0.85
0.10-0.25377.50.01960.06-0.25-0.90
0.07-0.183800.01410.05-0.18-0.93
0.05-0.13382.50.01010.03-0.13-0.95

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 59 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot25300337.5375412.548543K0
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 — nearest expiry vs price

07-2808-0508-1308-2108-3109-08377.47296.06
— max pain (nearest expiry)- - delayed closeOne point per snapshot day since 2026-07-28; unobserved days are gaps, not guesses.

All expirations combined — total open interest

spot5230330400520730153K153K
■ calls (up)■ puts (down)Every expiration combined: 3.1M call contracts, 2.4M 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: TSLA workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk