Free calculator
Max pain calculator
Compare total call and put intrinsic payout at each listed strike for one expiration. Use your own options-chain inputs.
Gamma is delta change per $1 underlying move per share; OI is contracts. Use one symbol and a consistent snapshot. Explicit zeros are allowed; blank cells and duplicate strike/expiry rows are rejected.
Paste a chain or load the labeled example to begin.
Minimum payout, not a price target
For each candidate settlement price, the calculator adds call OI × max(price − strike, 0) and put OI × max(strike − price, 0), then applies the contract multiplier. Every tied minimum is shown.
The result depends on chain completeness and the open-interest snapshot. Premium paid, dealer positioning, trading flow, fees and early exercise are excluded. This does not predict a closing price.
FAQ
Can I combine expirations?
No. Max pain is calculated for a selected expiration. Use the expiration selector to compare dates separately.