Look up max pain for any symbol

What this recipe computes

• The strike minimising aggregate holder payout at settlement, from open interest only.
• Distance from spot, the nearest available expiry, and its days to expiry.
• Chain open interest behind the level, so a thin expiry is visible as thin.

What it does not claim

• Price is not required to settle at max pain, and the level moves as open interest changes.
• No gamma weighting — this is not a GEX wall and can disagree with one.
• A max pain drawn from a thin chain is arithmetic, not evidence. Read the open interest beside it.

How to read it

1. Step 1

   Type a symbol

   The tool resolves that name’s own nearest expiry, including 0DTE when one exists.

2. Step 2

   Read the distance

   How far the level sits from spot matters more than the strike on its own.

3. Step 3

   Check the payout curve

   The trough is the level. A shallow trough means the strike is barely preferred over its neighbours.

Frequently asked questions

Does price have to close at max pain?

No. Max pain describes where contracts currently sit, not where price must go. It is recomputed from open interest every session and moves as positions change.

How is this different from a call or put wall?

Walls weight open interest by gamma; max pain does not weight at all. They answer different questions and routinely point at different strikes.

Related glossary

• Max painMax pain is the underlying price that theoretically minimizes total option-holder payoff at expiration.
• Open interest (OI)Open interest is how many options contracts remain open. Unlike volume, it does not reset each morning and usually updates after the session.
• Pin riskPin risk is expiration uncertainty when spot sits near a strike with large open interest: assignment and last-minute hedging get noisy.

Related personas

• GEX and Option Flow for Index TradersIndex traders care about session character: where call/put walls sit, whether gamma is dampening or amplifying, and whether premium is chasing or fading the move.
• Options Flow for Options SellersSelling premium works until you short the strike the tape is attacking. Flow and walls help you see where demand is concentrated before you choose short strikes.

Related recipes

• Max painCompare max pain to walls and GEX instead of treating one pin number as destiny.
• Gamma structurePrint today’s walls and magnet from the chain snapshot, then validate with tape if you trade them.
• OI ladderSee where open interest actually sits by strike before you treat a GEX wall as the book.