Why the quote is 15 minutes old
SPX 0DTE levels for 2026-09-25: max pain 7,700 · call wall 7,750 · put wall 7,650
How max pain is computed
what 4:00 does to it
How the walls are found
What the ATM straddle implies
| Level | Value | How it's computed | Source |
|---|---|---|---|
| Max pain | 7,700 | Strike at which the session's expiring 0DTE contracts would pay the least total intrinsic value, weighted by open interest | CBOE delayed OI, 8:49am ET |
| Call wall | 7,750 | Strike with the largest 0DTE call open interest at or above spot, searched within 2× the ATM straddle (never less than 0.5% of spot) | CBOE delayed OI, 8:49am ET |
| Put wall | 7,650 | Strike with the largest 0DTE put open interest at or below spot, same search band | CBOE delayed OI, 8:49am ET |
| ATM straddle (implied ±) | 34.05 → ±34.05 pts (0.44% of spot) | Mid of the call plus mid of the put at the strike nearest spot: the move to the close the 0DTE market was pricing | CBOE delayed quote, 8:49am ET |
| Prev close | 7,704.13 | Prior session's close as carried in the CBOE payload | CBOE delayed quote, 8:49am ET |
| Day open | — (prints at the 9:30am ET open) | Session's opening print as carried in the CBOE payload; before 9:30am ET the payload still holds the prior session's, so it is left blank | CBOE delayed quote, 8:49am ET |
| Spot at 8:49am ET | 7,704.13 | Underlying price in the same delayed payload | CBOE delayed quote, 8:49am ET |
Latest snapshot 4:03pm ET (15-min delayed): max pain 7,700, call wall 7,750, put wall 7,710, spot 7,743.51.
Method, caveats and why every level is approximate: methodology.
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Quick answers
What is 0DTE max pain and how is it computed here?
Max pain is the strike at which the options expiring that session would pay out the least intrinsic value in total, weighting every call and put by its open interest. We compute it from the SPX contracts expiring that day only (SPXW), using CBOE's once-a-day open interest. For SPX on 2026-09-25 it was 7,700, as of 8:49am ET (15-min delayed). The full method and its limits are on the methodology page.
What are the call wall and put wall?
The call wall is the strike with the most 0DTE call open interest at or above spot; the put wall is the strike with the most 0DTE put open interest at or below spot. Both are searched within 2× the ATM straddle (never less than 0.5% of spot) so deep out-of-the-money strikes don't count. For SPX on 2026-09-25: call wall 7,750, put wall 7,650, as of 8:49am ET (15-min delayed).
What does the ATM straddle imply?
The at-the-money straddle (call mid plus put mid at the strike nearest spot) is what the 0DTE market was charging for a move to the close in either direction. SPX on 2026-09-25: 34.05, an implied move of ±34.05 pts (0.44% of spot 7,704.13), as of 8:49am ET (15-min delayed). It is a price, not a range the close has to respect.
Are these targets?
No. They are modeled levels computed from once-a-day open interest and 15-minute delayed quotes — arithmetic, not advice, and not a forecast of where SPX closes. See the methodology for what the model leaves out, and the measured pin rate for how often the close actually lands near max pain.
How often does SPX close near max pain?
The SPX pin-rate page measures it from our own archive: the share of finalized sessions whose official close landed within fixed distances of 0DTE max pain, with the number of sessions disclosed.
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Dated levels archive: 2026-09-25.
Levels computed 8:49am ET · page generated 2026-09-27 · 15-min delayed CBOE data