Max pain // Cboe delayed data · as of Sep 12, 3:44 AM ET

TSLA max pain

Spot (delayed)$365.25
Max pain · Wed, Sep 16$362.5-0.8% vs spot
Expected move (ATM straddle)±$11.98±3.3% by Wed, Sep 16
Put/Call OI0.6411K puts / 17K calls
Call wall$400largest call OI
Put wall$340largest put OI
IV3038.9%30-day implied vol
Net GEX+$6.9Mper 1% move · flip ≈ $380
Earnings · expectedWed, Oct 21usually after the close

Event risk before this expiration: FOMC decision Wed, Sep 16 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

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

spot362.5288317347376406435$80M$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 — 362.5 — is the max pain price.

Open interest by strike · Wed, Sep 16

spot362.5287.53203453703954202K2K
■ calls (up)■ puts (down)TSLA open contracts per strike for Wed, Sep 16.

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

spot287.5320345370395420+1K1K
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 +1K · 340 +599 · 407.5 +514 · 365 +458

Volume by strike · Wed, Sep 16

spot362.5287.53203453703954206K6K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Wed, Sep 16

spot28831734737640643580%32%
— call IV— put IVATM ≈ 35.0% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Wed, Sep 16

spotflip 380287.5320347.5370392.5415+$4.5M$4.5M
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 · Wed, Sep 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.88-0.30347.50.01240.09-0.30-0.12
0.85-0.353500.01480.10-0.35-0.15
0.81-0.41352.50.01750.12-0.41-0.19
0.77-0.473550.02010.13-0.47-0.23
0.71-0.53357.50.02260.15-0.53-0.29
0.65-0.573600.02450.16-0.58-0.35
0.59-0.61362.50.02580.17-0.61-0.41
0.53-0.633650.02640.17-0.63-0.48
0.46-0.63367.50.02620.17-0.63-0.54
0.40-0.613700.02530.17-0.61-0.61
0.34-0.58372.50.02380.16-0.58-0.67
0.28-0.533750.02190.14-0.54-0.72
0.23-0.48377.50.01970.13-0.48-0.77
0.19-0.423800.01730.12-0.43-0.81
0.15-0.37382.50.01500.10-0.37-0.85

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 56 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