Max Pain Calculator
Calculate the max pain strike price where option holders lose the most money. Enter strike prices with their open interest from your broker or options chain.
Strike
Call OI
Put OI
Enter strike prices with their call and put open interest, then click Calculate max pain to find the strike where option holders lose the most.
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Max Pain Theory
Max pain is the strike price where option buyers lose the most money at expiration.
At this price, the maximum number of options expire worthless, benefiting option sellers.
Pain = Σ (ITM amount × OI × 100)