Max Pain Calculator
Total option-writer payout at three candidate expiry prices from call/put open interest — find the strike of maximum pain.
Formula
Max pain is the expiry price minimizing what writers pay out; the controversial theory says hedging flows drift price toward it into expiry. Use the full chain's OI for a real reading — three strikes here demonstrate the mechanics exactly.
Not financial advice — for informational and analytical use only. Verify all figures with a qualified professional before acting on them.
Disclaimer: This tool is for general informational and estimation purposes only and is not professional financial, tax, accounting or legal advice. All figures are estimates — verify with a qualified professional before making decisions. Read the full disclaimer.
Need max pain calculator results fast? Analysts, founders, traders and finance professionals use the Max Pain Calculator to skip the spreadsheet and get a defensible answer in one step — free, private and instant.
About Max Pain Calculator
Total option-writer payout at three candidate expiry prices from call/put open interest — find the strike of maximum pain. Max pain is the expiry price minimizing what writers pay out; the controversial theory says hedging flows drift price toward it into expiry. Use the full chain's OI for a real reading — three strikes here demonstrate the mechanics exactly. The governing relationship is max pain = argmin_K Σ payouts to option holders. The Max Pain Calculator computes entirely in your browser — free, private (your figures never leave your device) and instant, recalculating live as you change any input.
How to use Max Pain Calculator
- 1Enter Strike A, Call OI at A (000s), Put OI at A (000s), Strike B, Call OI at B (000s), Put OI at B (000s) into the Max Pain Calculator.
- 2The result is computed automatically using max pain = argmin_K Σ payouts to option holders — there is no button to press.
- 3Change any input to model a different scenario, then copy or share the result.
Why use Max Pain Calculator?
- ✓Computes max pain calculator instantly with the correct formula — no spreadsheet needed
- ✓100% free and unlimited, with no sign-up, login or paywall
- ✓Runs entirely in your browser, so the figures you enter stay private
- ✓Shows the formula, a live worked example and references so you can defend the number
Frequently asked questions
What is the formula behind the Max Pain Calculator?+
Max Pain Calculator uses max pain = argmin_K Σ payouts to option holders. Max pain is the expiry price minimizing what writers pay out; the controversial theory says hedging flows drift price toward it into expiry. The tool substitutes your actual inputs into this relationship and shows the worked example step by step.
What inputs does the Max Pain Calculator need?+
Enter Strike A, Call OI at A (000s), Put OI at A (000s), Strike B, Call OI at B (000s), Put OI at B (000s) and the result updates immediately — there is no button to press. Change any value to model a different scenario in real time.
Is the Max Pain Calculator free, and is my data private?+
Yes — it is completely free with no sign-up or usage limit, and it runs entirely in your browser, so the numbers you enter are never uploaded or stored on any server. It is for informational and analytical use, not financial advice.
What should I watch out for when using the Max Pain Calculator?+
Use the full chain's OI for a real reading — three strikes here demonstrate the mechanics exactly.
What is the Max Pain Calculator based on?+
The method follows authoritative sources: Max-pain theory literature; CBOE OI data. The formula and references are shown on the page so you can verify and cite the result.
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