Max Pain
See the Max Pain calculation, open-interest totals, put/call ratio, and underlying-price difference for each expiration.
What Max Pain calculates
For one expiration, Max Pain evaluates the payout implied by current call and put open interest at each strike. The strike with the lowest total payout is reported as Max Pain.
The result is calculated from open interest. It is not an expected move, probability, or price target.
Read the expiration table
Each row shows the expiration, call ITM and OTM open interest, put ITM and OTM open interest, Max Pain, put/call ratio, and current price relative to Max Pain. Expiration and Max Pain links open that expiration in the chain.
The Totals row adds the displayed open-interest columns and calculates an overall put/call ratio. It does not calculate one Max Pain strike across all expirations. If Adjustments appears, it filters the table to all, standard, or adjusted roots.
Compare Max Pain with the underlying price
Price vs. Max Pain reports the percentage difference between the underlying price and the calculated strike. The value changes by expiration because each expiration has a different open-interest distribution.
The chart example draws the nearest expiration's Max Pain level on the underlying price history. The chain shows the strikes and open interest used by the calculation.
Open interest controls the result
Max Pain changes when reported open interest changes. Open interest is updated separately from trade executions and does not identify opening, closing, spread, or hedge activity.
The put/call ratio is also calculated from reported open interest. Neither value records the intent of the accounts holding the contracts.