Definition · updated 2026-10-21
Max pain
Max pain is the strike at which the total intrinsic value of all open calls and puts for an expiration is lowest, the settlement price that pays option buyers the least. It summarises where open interest is stacked; the theory that price gravitates toward it is a tendency, not a rule.
See it live: today's max pain by ticker.
How it is calculated
For each candidate strike, add the intrinsic value every open call and put would have if the underlying settled there, weighted by open interest and the 100-share multiplier. The strike with the smallest total is max pain. It changes through the week as open interest changes.
How to use it
Read max pain next to the call wall and put wall. When all three cluster near spot into expiration, hedging flows are concentrated and the pin is more likely. When they disagree, open interest is spread and the number carries little weight. Never size a trade on max pain alone.
Frequently asked questions
- How accurate is max pain?
- It is a descriptive statistic, not a prediction. Prices gravitate toward heavy open interest on some expirations and ignore it on others.
- Where can I see max pain for SPY or NVDA?
- OptionScout's max pain pages recompute it from live open interest for the nearest expirations about once an hour, free.