Max pain // Cboe delayed data · as of Oct 25, 1:33 AM ET

UPST max pain

Spot (delayed)$23.8
Max pain · Fri, Dec 4$23.5-1.3% vs spot
Expected move (ATM straddle)±$4.6±19.3% by Fri, Dec 4
Put wall$22.5largest put OI
IV3076.8%30-day implied vol
Net GEX−$732per 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 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Oct 30$24+0.8%5d
Fri, Nov 6$24+0.8%12d
Fri, Nov 13$26+9.2%19d
Fri, Nov 20$25+5.0%26d
Fri, Nov 27$23.5-1.3%33d
Fri, Dec 4$23.5-1.3%40d
Fri, Dec 18$27.5+15.5%54d
Fri, Jan 15$30+26.1%82d
Fri, Feb 19$32.5+36.6%117d
Fri, Mar 19$25+5.0%145d
Fri, Apr 16$25+5.0%173d

The writer-loss curve — where max pain comes from

Open interest by strike · Fri, Dec 4

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 4

Stacked — layer the expirations

spot1320232629354K0
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

spot12.520.5273462.59514K14K
■ calls (up)■ puts (down)Every expiration combined: 160K call contracts, 90K 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: UPST workspace · max pain, explained in full · options profit calculator · iron condor and credit spread calculator · GEX, defined · pin risk