Key Levels & Max Pain

The most important options levels per ticker at a glance — Spot, Vol Trigger (zero-gamma flip), Call Wall, Put Wall, Max Pain and the largest open-interest strikes. Full option chain, daily.

Important: Backward-looking options context from EOD option chains. Max Pain and the walls are reference levels from the open-interest and gamma distribution — not guaranteed barriers. Not a buy/sell signal, not investment advice.
Key levels per ticker · click a row → open-interest profile below

Open interest per strike — click a ticker in the table

Calls up, puts down (open interest per strike, next major expiry). Vertical lines: Spot, Max Pain, Vol Trigger. Walls = largest net-gamma references.

Frequently Asked Questions

What is Max Pain?

Max Pain is the price at expiry at which the total value of all open option contracts would be smallest — where the most options expire worthless. Mathematically it is the strike that minimizes the sum of payouts across all open calls and puts. The idea behind it: option writers (sellers) have an interest in the price landing near this point at expiry. Max Pain is a statistical measure derived from the open-interest distribution, not a forecast and not a barrier.

What are gamma walls and the Vol Trigger?

The Call Wall is the strike above spot with the largest dealer-side net gamma, the Put Wall its counterpart below — where dealer hedging activity is strongest, which can act as resistance or support. The Vol Trigger (zero-gamma flip) is the price level at which aggregate dealer gamma flips from positive to negative. Above the trigger dealers tend to dampen swings (long gamma), below it they amplify moves (short gamma). The values come from a naive dealer heuristic on EOD option chains — references, not guaranteed barriers.

Where does the data come from and how current is it?

Spot, Vol Trigger and the gamma walls come from our daily GEX computation on the full option chain (EOD after the US market close). Max Pain, the largest open-interest strikes and the put/call OI ratio are computed from the same chain for the next major expiry. The numbers are end-of-day values; open interest reflects the prior day's OCC settlement.

Are these levels a trading signal?

No. This page shows backward-looking options context. Max Pain and the walls are reference levels from the open-interest and gamma distribution, not a forecast, not guaranteed price barriers and not investment advice. Options are leveraged instruments with a risk of total loss.