Max Pain · Options Expiries
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The price at which the most options contracts expire worthless. Market often drifts toward max pain around expiry due to delta-hedging by writers.
Expiry
Date
DTE
Max Pain
Gap to spot
Combined OI $
Call / Put OI
ATM IV
Max pain is the strike at which option writers lose the least at expiry — the price where the most contracts expire worthless. When spot is above pain, dealers need to sell to stay delta-neutral into expiry (downside pressure). When below pain, they need to buy (upside pressure). Rows with a blue border cross the $50M combined-OI threshold where pinning effects become meaningful. Source: Deribit.