Eli Lilly & (LLY) max pain today
LLY max pain publishes after the next market session. The method and the questions below still apply; the numbers come from live open interest and are never estimated.
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What max pain is
For one expiration, add up what every open call and put would be worth if LLY settled at a given strike: calls below that price pay their intrinsic value, puts above it pay theirs, each multiplied by open interest and the 100-share multiplier. The strike where that total is smallest is max pain. It is a map of where open interest sits, nothing more: the theory that prices are pulled toward it rests on dealer hedging, which is better read directly from gamma exposure.
How to use it
Compare max pain with the call wall and put wall on the LLY GEX map. When all three cluster near spot into an expiration, the chain is telling you where hedging flows are concentrated. When they disagree, open interest is spread and the number carries little weight. Never size a trade on max pain alone.
Not advice. Max pain is a descriptive statistic computed from public open interest, not a prediction of where LLY will close.
Frequently asked questions
- What does LLY max pain indicate?
- Max pain is the strike at which the total intrinsic value of all open LLY calls and puts for an expiration is lowest, i.e. the settlement price that pays option buyers the least. It summarises where open interest is stacked; it is not a forecast.
- 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, and the figure moves as open interest changes through the week. Treat it as one map of positioning alongside dealer gamma exposure.
- What is LLY max pain today?
- This page recomputes LLY max pain from live open interest about once an hour for the nearest four expirations, with the date it was read shown at the top. Open the live chain in the OptionScout scanner for the current quotes.
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