How to use this max pain calculator
- Collect call and put open interest for one expiry.
- Enter each available strike and its corresponding OI.
- Review the total pain for each candidate expiry price.
- Use the lowest total as a theoretical reference only.
What does max pain mean in options?
The max pain theory estimates the strike where the combined intrinsic payout of calls and puts would be lowest at expiry. It uses open interest as a proxy for the number of contracts exposed at each strike.
This calculator does not include option premiums, brokerage, taxes, volatility, hedging flows or changes in open interest. Confirm the live option chain and never use max pain alone as a trading signal.
Common questions
What is options max pain?
Max pain is the expiry strike at which the combined intrinsic payout to call and put holders is lowest for the open interest entered.
How is max pain calculated?
For each candidate strike, the calculator sums call intrinsic value above that strike and put intrinsic value below it, weighted by their respective open interest. The lowest total is the estimated max pain.
Is max pain a guaranteed expiry prediction?
No. Max pain is a theoretical open-interest model. Market price, hedging, new positions, volatility, liquidity and events can all cause expiry away from the calculated strike.