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Max pain (or the max pain price) is the strike price at which the highest value of open option contracts—both puts and calls—expire worthless, leading to maximum losses for option holders.

The Max Pain Theory suggests that a stock’s price tends to converge with this max pain price as expiration approaches, driven by market dynamics, including the actions of options writers aiming to minimize losses and maximize profits. The max pain price is dynamic, shifting as trading activity and option contract changes influence open interest. While not a certain predictor, this convergence offers valuable insight into potential price trends.

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