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Max pain // Cboe delayed data · as of Jul 31, 11:18 PM ET

XOM max pain

Spot (delayed)$157.33
Max pain · Fri, Oct 16$150-4.7% vs spot
Expected move (ATM straddle)±$16.58±10.5% by Fri, Oct 16
Put/Call OI0.6033K puts / 54K calls
Call wall$170largest call OI
Put wall$145largest put OI
IV3030.0%30-day implied vol
Net GEX+$10.7Mper 1% move · flip ≈ $170

Event risk before this expiration: Jobs report Fri, Aug 7 · CPI release Wed, Aug 12 · Jobs report Fri, Sep 4 · CPI release Fri, Sep 11 · FOMC decision Wed, Sep 16 · Jobs report Fri, Oct 2 · CPI release Wed, Oct 14 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.

Max pain levels

ExpiryMax painvs spotDTE
Fri, Aug 7$147-6.6%6d
Fri, Aug 14$150-4.7%13d
Fri, Aug 21$145-7.8%20d
Fri, Aug 28$150-4.7%27d
Fri, Sep 4$155-1.5%34d
Fri, Sep 11$152.5-3.1%41d
Fri, Sep 18$140-11.0%48d
Fri, Oct 16$150-4.7%76d

The writer-loss curve — where max pain comes from

spot15085120155190225260$488M$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 — 150 — is the max pain price.

Open interest by strike · Fri, Oct 16

spot1508511013516018522018K18K
■ calls (up)■ puts (down)XOM open contracts per strike for Fri, Oct 16.

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, Oct 16

spot15085110135160185220456456
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).

Implied volatility by strike · Fri, Oct 16

spot8512015519022526073%28%
— call IV— put IVATM ≈ 29.2% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.

Gamma exposure by strike · Fri, Oct 16

spotflip 17085110135160185220+$7.3M$7.3M
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, Oct 16

Call ΔCall ΘStrikeΓVegaPut ΘPut Δ
0.97-0.011200.00390.05-0.01-0.04
0.94-0.021250.00570.08-0.02-0.06
0.91-0.031300.00780.12-0.02-0.09
0.86-0.031350.01040.16-0.03-0.14
0.80-0.041400.01320.20-0.04-0.20
0.72-0.051450.01600.24-0.05-0.28
0.63-0.051500.01800.27-0.05-0.37
0.54-0.051550.01910.28-0.06-0.47
0.45-0.051600.01900.28-0.06-0.57
0.36-0.051650.01800.27-0.05-0.66
0.28-0.041700.01610.24-0.05-0.74
0.21-0.041750.01390.21-0.04-0.81
0.16-0.031800.01150.17-0.04-0.87
0.12-0.031850.00930.14-0.03-0.91
0.09-0.021900.00740.12-0.02-0.94

Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 15 strikes around the money — all 30 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.

Stacked — layer the expirations

spot7512513614616520010K0
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

spot5011013214416521065K65K
■ calls (up)■ puts (down)Every expiration combined: 574K call contracts, 372K 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: XOM workspace · max pain, explained in full · options profit calculator · GEX, defined · pin risk