Max pain & open interest by strike

See where the options are stacked: max pain, the full open-interest ladder by strike, the put/call ratio, and the biggest OI walls drawn on the chart as support and resistance.

What it shows

• Max pain price: the strike where the most option value expires worthless, the level sellers would prefer the stock to pin.
• Open interest by strike: a ladder of calls vs puts, so you can see exactly where positioning is concentrated.
• OI walls as levels: the biggest call and put strikes overlaid on the price chart, acting as soft resistance and support.
• Put/call ratio: a quick read on whether positioning leans defensive or bullish.

How max pain is computed

For every candidate strike, the tool sums the intrinsic value of all in-the-money calls and puts, weighted by their open interest. The strike where that total is lowest is max pain: the price at which option holders collectively lose the most and sellers retain the most premium. The full method is in what is max pain.

How to use it

Into opex, watch whether price gravitates toward max pain and stalls at the big OI walls. A heavy call wall just overhead often caps a rally; a heavy put wall just below often cushions a dip. It is most useful as a map of where dealers and holders are positioned, layered on top of the trend.

FAQ

What is max pain in options?

The strike where the most option value expires worthless, minimizing total option holder value at expiration. See the full explainer.

How is it calculated?

Sum the intrinsic value of all in-the-money calls and puts weighted by open interest at each strike; the lowest total is max pain.

Does a stock always move to max pain?

No. It is a tendency into expiration, not a rule. Use it as context alongside the OI walls, not a target.