Max Pain

The cash value graph shows the result of the cash value max pain calculation. The yellow highlighted column indicates the max pain option strike. The max pain cash value calculation uses the Open Interest to determine the cash paid out by the option writers if the stock were to close at each strike. For details on how the cash value max pain point is derived, please visit the calculation page.

Please note the open interest is updated daily prior to the market open. It is not updated intra-day. This page uses Yahoo Finance and similar sources for option data. The open interest data for the stock options is compiled nightly. Open Interest data is therefore valid prior to the market open, before the CBOE begins trading options each day. After the market opens and options begin trading the open interest data may no longer by valid. No option data source provides intra-day open interest. The only intra-day data available is the volume data.

The underlying option data, including open interest and cash values, can found on the Option Data page.

The numbers across the bottom represent the various strike prices of the stock options. Max Pain is calculated for each strike by determining the cash value paid out on each call and put option at that strike. The red vertical bar is the put option cash value. The green vertical bar is the call option cash value. The further away the stock price is from the max pain point the more the option writers will have to pay out. Conversely, the closer to the max pain point the stock price is the less they pay out.

Max pain theory says that the option writers will hedge the contracts they have written. In the case of the market maker, the hedging is done to remain neutral in the stock. Consider the market makers position if he must write an option contract without wanting a position in the stock. As the maturity date approaches, the stock price changes. In addition, contracts may be closed by the option buyers. As a result the option writer must re-balance his hedges. This re-balancing is an effort to hedge the open contracts, thus maintaining a state where the least amount of money will be paid out. Re-balancing of positions in the stock provide pressure on the price to close at the max pain point.

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Tuesday, July 28, 2015 11:45 PM
$PCLN high open interest range is 1160.00 to 1250.00 for option expiration 07/31/2015.
Tuesday, July 28, 2015 11:30 PM
$PCLN Max Pain = 1195.00. Maturity = 07/31/2015. Previous close = 1208.09.
Tuesday, July 28, 2015 11:15 PM
$TWTR high open interest range is 34.00 to 40.00 for option expiration 07/31/2015.
Tuesday, July 28, 2015 11:00 PM
$TWTR Max Pain = 35.50. Maturity = 07/31/2015. Previous close = 36.56.