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

TSLA max pain

Spot (delayed)$365.25
Max pain · Fri, Sep 18$360-1.4% vs spot
Expected move (ATM straddle)±$15.13±4.1% by Fri, Sep 18
Put/Call OI0.78400K puts / 512K calls
Call wall$990largest call OI
Put wall$200largest put OI
IV3038.9%30-day implied vol
Net GEX+$56.0Mper 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

spot36025218411604797990$22.9B$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 — 360 — is the max pain price.

Open interest by strike · Fri, Sep 18

spot3602527033538042550043K43K
■ calls (up)■ puts (down)TSLA open contracts per strike for Fri, Sep 18.

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

spot100280335375415475+6K6K
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: 440 6K · 435 5K · 372.5 +5K · 485 +5K

Volume by strike · Fri, Sep 18

spot3602527033538042550021K21K
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Sep 18

spot250340430520610700134%37%
— call IV— put IVATM ≈ 37.4% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Sep 18

spotflip 380250315355385425485+$23.9M$23.9M
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, Sep 18

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.95-0.153300.00430.05-0.15-0.05
0.94-0.183350.00590.07-0.18-0.07
0.91-0.233400.00810.09-0.23-0.09
0.86-0.303450.01090.11-0.30-0.14
0.81-0.383500.01430.14-0.38-0.20
0.73-0.463550.01760.17-0.46-0.28
0.63-0.523600.02000.19-0.53-0.37
0.53-0.563650.02100.20-0.56-0.48
0.42-0.553700.02040.20-0.56-0.58
0.38-0.54372.50.01970.19-0.54-0.63
0.33-0.513750.01870.18-0.52-0.68
0.25-0.453800.01610.16-0.45-0.76
0.21-0.41382.50.01470.15-0.41-0.79
0.18-0.373850.01320.13-0.37-0.82
0.13-0.293900.01040.11-0.30-0.88

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 60 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