Max pain // Cboe delayed data · as of Oct 17, 1:08 AM ET

UBS max pain

Spot (delayed)$47.68
Max pain · Fri, Dec 18$52.5+10.1% vs spot
Expected move (ATM straddle)±$4.53±9.5% by Fri, Dec 18
Put/Call OI0.000 puts / 1 calls
Call wall$52.5largest call OI
IV3031.4%30-day implied vol
Net GEX+$127per 1% move

Event risk before this expiration: FOMC decision Wed, Oct 28 · Jobs report Fri, Nov 6 · CPI release Tue, Nov 10 · Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Nov 20$47.5-0.4%35d
Fri, Dec 18$52.5+10.1%63d
Fri, Jan 15$47.5-0.4%91d
Fri, Feb 19$50+4.9%126d
Fri, May 21$40-16.1%217d
Fri, Jan 21$52.5+10.1%462d
Fri, Jan 19$50+4.9%826d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 18

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, Dec 18

Stacked — layer the expirations

spot20304050606K0
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

spot1525354555659K9K
■ calls (up)■ puts (down)Every expiration combined: 44K call contracts, 59K 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: UBS workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk