Max Pain
The strike where option holders lose the most at expiry. On big monthly expiries, where open interest is heaviest, price often drifts toward it.
MAXPAINCrypto options (BTC, ETH, SOL, HYPE) and US options, including SPX, SPY, QQQ and single stocks.
Typing it
MAXPAINSymbol>MAXPAINBTC
Shows the BTC max pain strike for the selected expiry.
What you see
- Bars. Total loss to option holders if price settled at each strike.
- Max pain. The lowest bar. Its distance from spot is the move a pin would imply.
What to look for
- Big monthly expiries, where more open interest gives the level more weight.
- A GEX wall near max pain, which makes a pin more likely.
Good to know
- Max pain is less useful on thin weekly expiries.
Also on the chart
The same data can sit on the price chart. Press / on the chart and search for:
Pairs well with
Questions
What is max pain?
The settlement price at which the most option value expires worthless. Some traders watch it as a magnet into expiry.
Does price always go to max pain?
No. It is a tendency on large expiries, not a rule. Check it against the gamma walls before relying on it.