ILLUSTRATIVE / SAMPLE WORKED EXAMPLE
Max pain, worked example
In Sample chain A, the illustrative sample chain used below, the max-pain strike is $100.00 for the Oct 16, 2026 sample expiration, as of Sep 25, 2026, computed with OptionsPositionDesk's own max-pain methodology.
OptionsPositionDesk editorial - reviewed September 29, 2026. Illustrative sample chain, not a live quote. Sample chain A is a fictitious example chain, not any real ticker.
The sample chain behind this number
Sample chain A is a fictitious, seven-strike illustrative chain centered near a $100.00 reference price, built for this page only to demonstrate the formula. It is not an observation of any real company's or fund's market, and no real ticker symbol is attached to it. Every number updates only when this page is rebuilt, never in real time.
| Strike | Call open interest | Put open interest |
|---|---|---|
| $94.00 | 2.3K | 3.5K |
| $96.00 | 3.5K | 5.9K |
| $98.00 | 5.2K | 8.7K |
| $100.00 | 5.1K | 11.5K |
| $102.00 | 3.8K | 7.3K |
| $104.00 | 4.1K | 4.3K |
| $106.00 | 2.3K | 3.2K |
Key results
- Call open interest (total)
- 26.3K
- Put open interest (total)
- 44.5K
- Put/call ratio (open interest)
- 1.69
- Call wall (sample)
- $98.00
- Put wall (sample)
- $100.00
- Max pain strike (sample)
- $100.00
- Gap to reference price
- 0%
How the calculations work
For each candidate settlement strike K, the hypothetical payout is sum(call open interest * max(K - strike, 0) * multiplier) + sum(put open interest * max(strike - K, 0) * multiplier). Max pain is the candidate strike with the smallest aggregate payout. The sample uses a 100-share multiplier.
These are mechanical calculations from the displayed illustrative chain. Review the full methodology and data-quality notes and the machine-readable sample before comparing the example with a live chain.
Assumptions and limits
This worked example uses a single sample expiration (Oct 16, 2026), a 100-share multiplier, and the same open-interest and max-pain formulas OptionsPositionDesk applies to every chain: see the methodology. The put/call ratio here uses open interest, not session volume; the two can disagree. Max pain minimizes a hypothetical aggregate payout at one expiration and is not a price target. Neither number reveals dealer inventory, hedge intent, or beneficial ownership, and neither is tied to any real ticker.
To check a real ticker's actual current numbers, search for it in the live workspace below. It recalculates from whichever chain the configured data source returns, and clearly labels demo versus licensed data.
Common questions
Is this max-pain number a prediction for a real ticker?
No. Sample chain A is a fictitious, clearly labeled illustrative sample chain, not a forecast for any real security. Max pain is a hypothetical expiration-payout calculation on a specific chain, not a price target.
What chain produced this number?
A clearly labeled illustrative sample chain built for this page, not a live quote. Open the live tool for any ticker's current chain and expiration.
Why might a real ticker's max pain differ from this example?
Open interest changes daily, new contracts open and close, and different expirations produce different payout curves. Recalculate from the current chain before drawing conclusions about any real security.