SILVER
237895
Strike 200000 has a total call value of 0 versus a total put value of 21,960,000,000. Combined total value = 21,960,000,000
Strike 200250 has a total call value of 0 versus a total put value of 21,799,500,000. Combined total value = 21,799,500,000
Strike 200500 has a total call value of 0 versus a total put value of 21,639,000,000. Combined total value = 21,639,000,000
Strike 200750 has a total call value of 0 versus a total put value of 21,478,500,000. Combined total value = 21,478,500,000
Strike 201000 has a total call value of 0 versus a total put value of 21,318,000,000. Combined total value = 21,318,000,000
Strike 201250 has a total call value of 0 versus a total put value of 21,157,500,000. Combined total value = 21,157,500,000
Strike 201500 has a total call value of 0 versus a total put value of 20,997,000,000. Combined total value = 20,997,000,000
Strike 201750 has a total call value of 0 versus a total put value of 20,836,500,000. Combined total value = 20,836,500,000
Strike 202000 has a total call value of 0 versus a total put value of 20,676,000,000. Combined total value = 20,676,000,000
Strike 202250 has a total call value of 0 versus a total put value of 20,515,500,000. Combined total value = 20,515,500,000
Strike 202500 has a total call value of 0 versus a total put value of 20,355,000,000. Combined total value = 20,355,000,000
Strike 202750 has a total call value of 0 versus a total put value of 20,194,500,000. Combined total value = 20,194,500,000
Strike 203000 has a total call value of 0 versus a total put value of 20,034,000,000. Combined total value = 20,034,000,000
Strike 203250 has a total call value of 0 versus a total put value of 19,873,500,000. Combined total value = 19,873,500,000
Strike 203500 has a total call value of 0 versus a total put value of 19,713,000,000. Combined total value = 19,713,000,000
Strike 203750 has a total call value of 0 versus a total put value of 19,552,500,000. Combined total value = 19,552,500,000
Strike 204000 has a total call value of 0 versus a total put value of 19,392,000,000. Combined total value = 19,392,000,000
Strike 204250 has a total call value of 0 versus a total put value of 19,231,500,000. Combined total value = 19,231,500,000
Strike 204500 has a total call value of 0 versus a total put value of 19,071,000,000. Combined total value = 19,071,000,000
Strike 204750 has a total call value of 0 versus a total put value of 18,910,500,000. Combined total value = 18,910,500,000
Strike 205000 has a total call value of 0 versus a total put value of 18,750,000,000. Combined total value = 18,750,000,000
Strike 205250 has a total call value of 0 versus a total put value of 18,589,500,000. Combined total value = 18,589,500,000
Strike 205500 has a total call value of 0 versus a total put value of 18,429,000,000. Combined total value = 18,429,000,000
Strike 205750 has a total call value of 0 versus a total put value of 18,268,500,000. Combined total value = 18,268,500,000
Strike 206000 has a total call value of 0 versus a total put value of 18,108,000,000. Combined total value = 18,108,000,000
Strike 206250 has a total call value of 0 versus a total put value of 17,947,500,000. Combined total value = 17,947,500,000
Strike 206500 has a total call value of 0 versus a total put value of 17,787,000,000. Combined total value = 17,787,000,000
Strike 206750 has a total call value of 0 versus a total put value of 17,626,500,000. Combined total value = 17,626,500,000
Strike 207000 has a total call value of 0 versus a total put value of 17,466,000,000. Combined total value = 17,466,000,000
Strike 207250 has a total call value of 0 versus a total put value of 17,305,500,000. Combined total value = 17,305,500,000
Strike 207500 has a total call value of 0 versus a total put value of 17,145,000,000. Combined total value = 17,145,000,000
Strike 207750 has a total call value of 0 versus a total put value of 16,984,500,000. Combined total value = 16,984,500,000
Strike 208000 has a total call value of 0 versus a total put value of 16,824,000,000. Combined total value = 16,824,000,000
Strike 208250 has a total call value of 0 versus a total put value of 16,663,500,000. Combined total value = 16,663,500,000
Strike 208500 has a total call value of 0 versus a total put value of 16,503,000,000. Combined total value = 16,503,000,000
Strike 208750 has a total call value of 0 versus a total put value of 16,342,500,000. Combined total value = 16,342,500,000
Strike 209000 has a total call value of 0 versus a total put value of 16,182,000,000. Combined total value = 16,182,000,000
Strike 209250 has a total call value of 0 versus a total put value of 16,021,500,000. Combined total value = 16,021,500,000
Strike 209500 has a total call value of 0 versus a total put value of 15,861,000,000. Combined total value = 15,861,000,000
Strike 209750 has a total call value of 0 versus a total put value of 15,700,500,000. Combined total value = 15,700,500,000
Strike 210000 has a total call value of 0 versus a total put value of 15,540,000,000. Combined total value = 15,540,000,000
Strike 210250 has a total call value of 0 versus a total put value of 15,379,500,000. Combined total value = 15,379,500,000
Strike 210500 has a total call value of 0 versus a total put value of 15,219,000,000. Combined total value = 15,219,000,000
Strike 210750 has a total call value of 0 versus a total put value of 15,058,500,000. Combined total value = 15,058,500,000
Strike 211000 has a total call value of 0 versus a total put value of 14,898,000,000. Combined total value = 14,898,000,000
Strike 211250 has a total call value of 0 versus a total put value of 14,737,500,000. Combined total value = 14,737,500,000
Strike 211500 has a total call value of 0 versus a total put value of 14,577,000,000. Combined total value = 14,577,000,000
Strike 211750 has a total call value of 0 versus a total put value of 14,416,500,000. Combined total value = 14,416,500,000
Strike 212000 has a total call value of 0 versus a total put value of 14,256,000,000. Combined total value = 14,256,000,000
Strike 212250 has a total call value of 0 versus a total put value of 14,095,500,000. Combined total value = 14,095,500,000
Strike 212500 has a total call value of 0 versus a total put value of 13,935,000,000. Combined total value = 13,935,000,000
Strike 212750 has a total call value of 0 versus a total put value of 13,774,500,000. Combined total value = 13,774,500,000
Strike 213000 has a total call value of 0 versus a total put value of 13,614,000,000. Combined total value = 13,614,000,000
Strike 213250 has a total call value of 0 versus a total put value of 13,453,500,000. Combined total value = 13,453,500,000
Strike 213500 has a total call value of 0 versus a total put value of 13,293,000,000. Combined total value = 13,293,000,000
Strike 213750 has a total call value of 0 versus a total put value of 13,132,500,000. Combined total value = 13,132,500,000
Strike 214000 has a total call value of 0 versus a total put value of 12,972,000,000. Combined total value = 12,972,000,000
Strike 214250 has a total call value of 0 versus a total put value of 12,811,500,000. Combined total value = 12,811,500,000
Strike 214500 has a total call value of 0 versus a total put value of 12,651,000,000. Combined total value = 12,651,000,000
Strike 214750 has a total call value of 0 versus a total put value of 12,490,500,000. Combined total value = 12,490,500,000
Strike 215000 has a total call value of 0 versus a total put value of 12,330,000,000. Combined total value = 12,330,000,000
Strike 215250 has a total call value of 0 versus a total put value of 12,169,500,000. Combined total value = 12,169,500,000
Strike 215500 has a total call value of 0 versus a total put value of 12,009,000,000. Combined total value = 12,009,000,000
Strike 215750 has a total call value of 0 versus a total put value of 11,848,500,000. Combined total value = 11,848,500,000
Strike 216000 has a total call value of 0 versus a total put value of 11,688,000,000. Combined total value = 11,688,000,000
Strike 216250 has a total call value of 0 versus a total put value of 11,527,500,000. Combined total value = 11,527,500,000
Strike 216500 has a total call value of 0 versus a total put value of 11,367,000,000. Combined total value = 11,367,000,000
Strike 216750 has a total call value of 0 versus a total put value of 11,206,500,000. Combined total value = 11,206,500,000
Strike 217000 has a total call value of 0 versus a total put value of 11,046,000,000. Combined total value = 11,046,000,000
Strike 217250 has a total call value of 0 versus a total put value of 10,885,500,000. Combined total value = 10,885,500,000
Strike 217500 has a total call value of 0 versus a total put value of 10,725,000,000. Combined total value = 10,725,000,000
Strike 217750 has a total call value of 0 versus a total put value of 10,564,500,000. Combined total value = 10,564,500,000
Strike 218000 has a total call value of 0 versus a total put value of 10,404,000,000. Combined total value = 10,404,000,000
Strike 218250 has a total call value of 0 versus a total put value of 10,243,500,000. Combined total value = 10,243,500,000
Strike 218500 has a total call value of 0 versus a total put value of 10,083,000,000. Combined total value = 10,083,000,000
Strike 218750 has a total call value of 0 versus a total put value of 9,922,500,000. Combined total value = 9,922,500,000
Strike 219000 has a total call value of 0 versus a total put value of 9,762,000,000. Combined total value = 9,762,000,000
Strike 219250 has a total call value of 0 versus a total put value of 9,601,500,000. Combined total value = 9,601,500,000
Strike 219500 has a total call value of 0 versus a total put value of 9,441,000,000. Combined total value = 9,441,000,000
Strike 219750 has a total call value of 0 versus a total put value of 9,280,500,000. Combined total value = 9,280,500,000
Strike 220000 has a total call value of 0 versus a total put value of 9,120,000,000. Combined total value = 9,120,000,000
Strike 220250 has a total call value of 0 versus a total put value of 8,978,250,000. Combined total value = 8,978,250,000
Strike 220500 has a total call value of 0 versus a total put value of 8,836,500,000. Combined total value = 8,836,500,000
Strike 220750 has a total call value of 0 versus a total put value of 8,694,750,000. Combined total value = 8,694,750,000
Strike 221000 has a total call value of 0 versus a total put value of 8,553,000,000. Combined total value = 8,553,000,000
Strike 221250 has a total call value of 0 versus a total put value of 8,411,250,000. Combined total value = 8,411,250,000
Strike 221500 has a total call value of 0 versus a total put value of 8,269,500,000. Combined total value = 8,269,500,000
Strike 221750 has a total call value of 0 versus a total put value of 8,127,750,000. Combined total value = 8,127,750,000
Strike 222000 has a total call value of 0 versus a total put value of 7,986,000,000. Combined total value = 7,986,000,000
Strike 222250 has a total call value of 0 versus a total put value of 7,844,250,000. Combined total value = 7,844,250,000
Strike 222500 has a total call value of 0 versus a total put value of 7,702,500,000. Combined total value = 7,702,500,000
Strike 222750 has a total call value of 0 versus a total put value of 7,560,750,000. Combined total value = 7,560,750,000
Strike 223000 has a total call value of 0 versus a total put value of 7,419,000,000. Combined total value = 7,419,000,000
Strike 223250 has a total call value of 0 versus a total put value of 7,277,250,000. Combined total value = 7,277,250,000
Strike 223500 has a total call value of 0 versus a total put value of 7,135,500,000. Combined total value = 7,135,500,000
Strike 223750 has a total call value of 0 versus a total put value of 6,993,750,000. Combined total value = 6,993,750,000
Strike 224000 has a total call value of 0 versus a total put value of 6,852,000,000. Combined total value = 6,852,000,000
Strike 224250 has a total call value of 0 versus a total put value of 6,710,250,000. Combined total value = 6,710,250,000
Strike 224500 has a total call value of 0 versus a total put value of 6,568,500,000. Combined total value = 6,568,500,000
Strike 224750 has a total call value of 0 versus a total put value of 6,426,750,000. Combined total value = 6,426,750,000
Strike 225000 has a total call value of 0 versus a total put value of 6,285,000,000. Combined total value = 6,285,000,000
Strike 225250 has a total call value of 0 versus a total put value of 6,143,250,000. Combined total value = 6,143,250,000
Strike 225500 has a total call value of 0 versus a total put value of 6,001,500,000. Combined total value = 6,001,500,000
Strike 225750 has a total call value of 0 versus a total put value of 5,859,750,000. Combined total value = 5,859,750,000
Strike 226000 has a total call value of 0 versus a total put value of 5,718,000,000. Combined total value = 5,718,000,000
Strike 226250 has a total call value of 0 versus a total put value of 5,576,250,000. Combined total value = 5,576,250,000
Strike 226500 has a total call value of 0 versus a total put value of 5,434,500,000. Combined total value = 5,434,500,000
Strike 226750 has a total call value of 0 versus a total put value of 5,292,750,000. Combined total value = 5,292,750,000
Strike 227000 has a total call value of 0 versus a total put value of 5,151,000,000. Combined total value = 5,151,000,000
Strike 227250 has a total call value of 0 versus a total put value of 5,009,250,000. Combined total value = 5,009,250,000
Strike 227500 has a total call value of 0 versus a total put value of 4,867,500,000. Combined total value = 4,867,500,000
Strike 227750 has a total call value of 0 versus a total put value of 4,725,750,000. Combined total value = 4,725,750,000
Strike 228000 has a total call value of 0 versus a total put value of 4,584,000,000. Combined total value = 4,584,000,000
Strike 228250 has a total call value of 0 versus a total put value of 4,442,250,000. Combined total value = 4,442,250,000
Strike 228500 has a total call value of 0 versus a total put value of 4,300,500,000. Combined total value = 4,300,500,000
Strike 228750 has a total call value of 0 versus a total put value of 4,158,750,000. Combined total value = 4,158,750,000
Strike 229000 has a total call value of 0 versus a total put value of 4,017,000,000. Combined total value = 4,017,000,000
Strike 229250 has a total call value of 0 versus a total put value of 3,875,250,000. Combined total value = 3,875,250,000
Strike 229500 has a total call value of 0 versus a total put value of 3,733,500,000. Combined total value = 3,733,500,000
Strike 229750 has a total call value of 0 versus a total put value of 3,591,750,000. Combined total value = 3,591,750,000
Strike 230000 has a total call value of 0 versus a total put value of 3,450,000,000. Combined total value = 3,450,000,000
Strike 230250 has a total call value of 12,000,000 versus a total put value of 3,396,000,000. Combined total value = 3,408,000,000
Strike 230500 has a total call value of 24,000,000 versus a total put value of 3,342,000,000. Combined total value = 3,366,000,000
Strike 230750 has a total call value of 36,000,000 versus a total put value of 3,288,000,000. Combined total value = 3,324,000,000
Strike 231000 has a total call value of 48,000,000 versus a total put value of 3,234,000,000. Combined total value = 3,282,000,000
Strike 231250 has a total call value of 60,000,000 versus a total put value of 3,180,000,000. Combined total value = 3,240,000,000
Strike 231500 has a total call value of 72,000,000 versus a total put value of 3,126,000,000. Combined total value = 3,198,000,000
Strike 231750 has a total call value of 84,000,000 versus a total put value of 3,072,000,000. Combined total value = 3,156,000,000
Strike 232000 has a total call value of 96,000,000 versus a total put value of 3,018,000,000. Combined total value = 3,114,000,000
Strike 232250 has a total call value of 108,000,000 versus a total put value of 2,964,000,000. Combined total value = 3,072,000,000
Strike 232500 has a total call value of 120,000,000 versus a total put value of 2,910,000,000. Combined total value = 3,030,000,000
Strike 232750 has a total call value of 132,000,000 versus a total put value of 2,856,000,000. Combined total value = 2,988,000,000
Strike 233000 has a total call value of 144,000,000 versus a total put value of 2,802,000,000. Combined total value = 2,946,000,000
Strike 233250 has a total call value of 156,000,000 versus a total put value of 2,748,000,000. Combined total value = 2,904,000,000
Strike 233500 has a total call value of 168,000,000 versus a total put value of 2,694,000,000. Combined total value = 2,862,000,000
Strike 233750 has a total call value of 180,000,000 versus a total put value of 2,640,000,000. Combined total value = 2,820,000,000
Strike 234000 has a total call value of 192,000,000 versus a total put value of 2,586,000,000. Combined total value = 2,778,000,000
Strike 234250 has a total call value of 204,000,000 versus a total put value of 2,532,000,000. Combined total value = 2,736,000,000
Strike 234500 has a total call value of 216,000,000 versus a total put value of 2,478,000,000. Combined total value = 2,694,000,000
Strike 234750 has a total call value of 228,000,000 versus a total put value of 2,424,000,000. Combined total value = 2,652,000,000
Strike 235000 has a total call value of 240,000,000 versus a total put value of 2,370,000,000. Combined total value = 2,610,000,000
Strike 235250 has a total call value of 252,000,000 versus a total put value of 2,316,000,000. Combined total value = 2,568,000,000
Strike 235500 has a total call value of 264,000,000 versus a total put value of 2,262,000,000. Combined total value = 2,526,000,000
Strike 235750 has a total call value of 276,000,000 versus a total put value of 2,208,000,000. Combined total value = 2,484,000,000
Strike 236000 has a total call value of 288,000,000 versus a total put value of 2,154,000,000. Combined total value = 2,442,000,000
Strike 236250 has a total call value of 300,000,000 versus a total put value of 2,100,000,000. Combined total value = 2,400,000,000
Strike 236500 has a total call value of 312,000,000 versus a total put value of 2,046,000,000. Combined total value = 2,358,000,000
Strike 236750 has a total call value of 324,000,000 versus a total put value of 1,992,000,000. Combined total value = 2,316,000,000
Strike 237000 has a total call value of 336,000,000 versus a total put value of 1,938,000,000. Combined total value = 2,274,000,000
Strike 237250 has a total call value of 348,000,000 versus a total put value of 1,884,000,000. Combined total value = 2,232,000,000
Strike 237500 has a total call value of 360,000,000 versus a total put value of 1,830,000,000. Combined total value = 2,190,000,000
Strike 237750 has a total call value of 372,000,000 versus a total put value of 1,776,000,000. Combined total value = 2,148,000,000
Strike 238000 has a total call value of 384,000,000 versus a total put value of 1,722,000,000. Combined total value = 2,106,000,000
Strike 238250 has a total call value of 396,000,000 versus a total put value of 1,668,000,000. Combined total value = 2,064,000,000
Strike 238500 has a total call value of 408,000,000 versus a total put value of 1,614,000,000. Combined total value = 2,022,000,000
Strike 238750 has a total call value of 420,000,000 versus a total put value of 1,560,000,000. Combined total value = 1,980,000,000
Strike 239000 has a total call value of 432,000,000 versus a total put value of 1,506,000,000. Combined total value = 1,938,000,000
Strike 239250 has a total call value of 444,000,000 versus a total put value of 1,452,000,000. Combined total value = 1,896,000,000
Strike 239500 has a total call value of 456,000,000 versus a total put value of 1,398,000,000. Combined total value = 1,854,000,000
Strike 239750 has a total call value of 468,000,000 versus a total put value of 1,344,000,000. Combined total value = 1,812,000,000
Strike 240000 has a total call value of 480,000,000 versus a total put value of 1,290,000,000. Combined total value = 1,770,000,000
Strike 240250 has a total call value of 507,750,000 versus a total put value of 1,262,250,000. Combined total value = 1,770,000,000
Strike 240500 has a total call value of 535,500,000 versus a total put value of 1,234,500,000. Combined total value = 1,770,000,000
Strike 240750 has a total call value of 563,250,000 versus a total put value of 1,206,750,000. Combined total value = 1,770,000,000
Strike 241000 has a total call value of 591,000,000 versus a total put value of 1,179,000,000. Combined total value = 1,770,000,000
Strike 241250 has a total call value of 618,750,000 versus a total put value of 1,151,250,000. Combined total value = 1,770,000,000
Strike 241500 has a total call value of 646,500,000 versus a total put value of 1,123,500,000. Combined total value = 1,770,000,000
Strike 241750 has a total call value of 674,250,000 versus a total put value of 1,095,750,000. Combined total value = 1,770,000,000
Strike 242000 has a total call value of 702,000,000 versus a total put value of 1,068,000,000. Combined total value = 1,770,000,000
Strike 242250 has a total call value of 729,750,000 versus a total put value of 1,040,250,000. Combined total value = 1,770,000,000
Strike 242500 has a total call value of 757,500,000 versus a total put value of 1,012,500,000. Combined total value = 1,770,000,000
Strike 242750 has a total call value of 785,250,000 versus a total put value of 984,750,000. Combined total value = 1,770,000,000
Strike 243000 has a total call value of 813,000,000 versus a total put value of 957,000,000. Combined total value = 1,770,000,000
Strike 243250 has a total call value of 840,750,000 versus a total put value of 929,250,000. Combined total value = 1,770,000,000
Strike 243500 has a total call value of 868,500,000 versus a total put value of 901,500,000. Combined total value = 1,770,000,000
Strike 243750 has a total call value of 896,250,000 versus a total put value of 873,750,000. Combined total value = 1,770,000,000
Strike 244000 has a total call value of 924,000,000 versus a total put value of 846,000,000. Combined total value = 1,770,000,000
Strike 244250 has a total call value of 951,750,000 versus a total put value of 818,250,000. Combined total value = 1,770,000,000
Strike 244500 has a total call value of 979,500,000 versus a total put value of 790,500,000. Combined total value = 1,770,000,000
Strike 244750 has a total call value of 1,007,250,000 versus a total put value of 762,750,000. Combined total value = 1,770,000,000
Strike 245000 has a total call value of 1,035,000,000 versus a total put value of 735,000,000. Combined total value = 1,770,000,000
Strike 245250 has a total call value of 1,062,750,000 versus a total put value of 707,250,000. Combined total value = 1,770,000,000
Strike 245500 has a total call value of 1,090,500,000 versus a total put value of 679,500,000. Combined total value = 1,770,000,000
Strike 245750 has a total call value of 1,118,250,000 versus a total put value of 651,750,000. Combined total value = 1,770,000,000
Strike 246000 has a total call value of 1,146,000,000 versus a total put value of 624,000,000. Combined total value = 1,770,000,000
Strike 246250 has a total call value of 1,173,750,000 versus a total put value of 596,250,000. Combined total value = 1,770,000,000
Strike 246500 has a total call value of 1,201,500,000 versus a total put value of 568,500,000. Combined total value = 1,770,000,000
Strike 246750 has a total call value of 1,229,250,000 versus a total put value of 540,750,000. Combined total value = 1,770,000,000
Strike 247000 has a total call value of 1,257,000,000 versus a total put value of 513,000,000. Combined total value = 1,770,000,000
Strike 247250 has a total call value of 1,284,750,000 versus a total put value of 485,250,000. Combined total value = 1,770,000,000
Strike 247500 has a total call value of 1,312,500,000 versus a total put value of 457,500,000. Combined total value = 1,770,000,000
Strike 247750 has a total call value of 1,340,250,000 versus a total put value of 429,750,000. Combined total value = 1,770,000,000
Strike 248000 has a total call value of 1,368,000,000 versus a total put value of 402,000,000. Combined total value = 1,770,000,000
Strike 248250 has a total call value of 1,395,750,000 versus a total put value of 374,250,000. Combined total value = 1,770,000,000
Strike 248500 has a total call value of 1,423,500,000 versus a total put value of 346,500,000. Combined total value = 1,770,000,000
Strike 248750 has a total call value of 1,451,250,000 versus a total put value of 318,750,000. Combined total value = 1,770,000,000
Strike 249000 has a total call value of 1,479,000,000 versus a total put value of 291,000,000. Combined total value = 1,770,000,000
Strike 249250 has a total call value of 1,506,750,000 versus a total put value of 263,250,000. Combined total value = 1,770,000,000
Strike 249500 has a total call value of 1,534,500,000 versus a total put value of 235,500,000. Combined total value = 1,770,000,000
Strike 249750 has a total call value of 1,562,250,000 versus a total put value of 207,750,000. Combined total value = 1,770,000,000
Strike 250000 has a total call value of 1,590,000,000 versus a total put value of 180,000,000. Combined total value = 1,770,000,000
Strike 250250 has a total call value of 1,657,500,000 versus a total put value of 176,250,000. Combined total value = 1,833,750,000
Strike 250500 has a total call value of 1,725,000,000 versus a total put value of 172,500,000. Combined total value = 1,897,500,000
Strike 250750 has a total call value of 1,792,500,000 versus a total put value of 168,750,000. Combined total value = 1,961,250,000
Strike 251000 has a total call value of 1,860,000,000 versus a total put value of 165,000,000. Combined total value = 2,025,000,000
Strike 251250 has a total call value of 1,927,500,000 versus a total put value of 161,250,000. Combined total value = 2,088,750,000
Strike 251500 has a total call value of 1,995,000,000 versus a total put value of 157,500,000. Combined total value = 2,152,500,000
Strike 251750 has a total call value of 2,062,500,000 versus a total put value of 153,750,000. Combined total value = 2,216,250,000
Strike 252000 has a total call value of 2,130,000,000 versus a total put value of 150,000,000. Combined total value = 2,280,000,000
Strike 252250 has a total call value of 2,197,500,000 versus a total put value of 146,250,000. Combined total value = 2,343,750,000
Strike 252500 has a total call value of 2,265,000,000 versus a total put value of 142,500,000. Combined total value = 2,407,500,000
Strike 252750 has a total call value of 2,332,500,000 versus a total put value of 138,750,000. Combined total value = 2,471,250,000
Strike 253000 has a total call value of 2,400,000,000 versus a total put value of 135,000,000. Combined total value = 2,535,000,000
Strike 253250 has a total call value of 2,467,500,000 versus a total put value of 131,250,000. Combined total value = 2,598,750,000
Strike 253500 has a total call value of 2,535,000,000 versus a total put value of 127,500,000. Combined total value = 2,662,500,000
Strike 253750 has a total call value of 2,602,500,000 versus a total put value of 123,750,000. Combined total value = 2,726,250,000
Strike 254000 has a total call value of 2,670,000,000 versus a total put value of 120,000,000. Combined total value = 2,790,000,000
Strike 254250 has a total call value of 2,737,500,000 versus a total put value of 116,250,000. Combined total value = 2,853,750,000
Strike 254500 has a total call value of 2,805,000,000 versus a total put value of 112,500,000. Combined total value = 2,917,500,000
Strike 254750 has a total call value of 2,872,500,000 versus a total put value of 108,750,000. Combined total value = 2,981,250,000
Strike 255000 has a total call value of 2,940,000,000 versus a total put value of 105,000,000. Combined total value = 3,045,000,000
Strike 255250 has a total call value of 3,007,500,000 versus a total put value of 101,250,000. Combined total value = 3,108,750,000
Strike 255500 has a total call value of 3,075,000,000 versus a total put value of 97,500,000. Combined total value = 3,172,500,000
Strike 255750 has a total call value of 3,142,500,000 versus a total put value of 93,750,000. Combined total value = 3,236,250,000
Strike 256000 has a total call value of 3,210,000,000 versus a total put value of 90,000,000. Combined total value = 3,300,000,000
Strike 256250 has a total call value of 3,277,500,000 versus a total put value of 86,250,000. Combined total value = 3,363,750,000
Strike 256500 has a total call value of 3,345,000,000 versus a total put value of 82,500,000. Combined total value = 3,427,500,000
Strike 256750 has a total call value of 3,412,500,000 versus a total put value of 78,750,000. Combined total value = 3,491,250,000
Strike 257000 has a total call value of 3,480,000,000 versus a total put value of 75,000,000. Combined total value = 3,555,000,000
Strike 257250 has a total call value of 3,547,500,000 versus a total put value of 71,250,000. Combined total value = 3,618,750,000
Strike 257500 has a total call value of 3,615,000,000 versus a total put value of 67,500,000. Combined total value = 3,682,500,000
Strike 257750 has a total call value of 3,682,500,000 versus a total put value of 63,750,000. Combined total value = 3,746,250,000
Strike 258000 has a total call value of 3,750,000,000 versus a total put value of 60,000,000. Combined total value = 3,810,000,000
Strike 258250 has a total call value of 3,817,500,000 versus a total put value of 56,250,000. Combined total value = 3,873,750,000
Strike 258500 has a total call value of 3,885,000,000 versus a total put value of 52,500,000. Combined total value = 3,937,500,000
Strike 258750 has a total call value of 3,952,500,000 versus a total put value of 48,750,000. Combined total value = 4,001,250,000
Strike 259000 has a total call value of 4,020,000,000 versus a total put value of 45,000,000. Combined total value = 4,065,000,000
Strike 259250 has a total call value of 4,087,500,000 versus a total put value of 41,250,000. Combined total value = 4,128,750,000
Strike 259500 has a total call value of 4,155,000,000 versus a total put value of 37,500,000. Combined total value = 4,192,500,000
Strike 259750 has a total call value of 4,222,500,000 versus a total put value of 33,750,000. Combined total value = 4,256,250,000
Strike 260000 has a total call value of 4,290,000,000 versus a total put value of 30,000,000. Combined total value = 4,320,000,000
Strike 260250 has a total call value of 4,381,500,000 versus a total put value of 29,250,000. Combined total value = 4,410,750,000
Strike 260500 has a total call value of 4,473,000,000 versus a total put value of 28,500,000. Combined total value = 4,501,500,000
Strike 260750 has a total call value of 4,564,500,000 versus a total put value of 27,750,000. Combined total value = 4,592,250,000
Strike 261000 has a total call value of 4,656,000,000 versus a total put value of 27,000,000. Combined total value = 4,683,000,000
Strike 261250 has a total call value of 4,747,500,000 versus a total put value of 26,250,000. Combined total value = 4,773,750,000
Strike 261500 has a total call value of 4,839,000,000 versus a total put value of 25,500,000. Combined total value = 4,864,500,000
Strike 261750 has a total call value of 4,930,500,000 versus a total put value of 24,750,000. Combined total value = 4,955,250,000
Strike 262000 has a total call value of 5,022,000,000 versus a total put value of 24,000,000. Combined total value = 5,046,000,000
Strike 262250 has a total call value of 5,113,500,000 versus a total put value of 23,250,000. Combined total value = 5,136,750,000
Strike 262500 has a total call value of 5,205,000,000 versus a total put value of 22,500,000. Combined total value = 5,227,500,000
Strike 262750 has a total call value of 5,296,500,000 versus a total put value of 21,750,000. Combined total value = 5,318,250,000
Strike 263000 has a total call value of 5,388,000,000 versus a total put value of 21,000,000. Combined total value = 5,409,000,000
Strike 263250 has a total call value of 5,479,500,000 versus a total put value of 20,250,000. Combined total value = 5,499,750,000
Strike 263500 has a total call value of 5,571,000,000 versus a total put value of 19,500,000. Combined total value = 5,590,500,000
Strike 263750 has a total call value of 5,662,500,000 versus a total put value of 18,750,000. Combined total value = 5,681,250,000
Strike 264000 has a total call value of 5,754,000,000 versus a total put value of 18,000,000. Combined total value = 5,772,000,000
Strike 264250 has a total call value of 5,845,500,000 versus a total put value of 17,250,000. Combined total value = 5,862,750,000
Strike 264500 has a total call value of 5,937,000,000 versus a total put value of 16,500,000. Combined total value = 5,953,500,000
Strike 264750 has a total call value of 6,028,500,000 versus a total put value of 15,750,000. Combined total value = 6,044,250,000
Strike 265000 has a total call value of 6,120,000,000 versus a total put value of 15,000,000. Combined total value = 6,135,000,000
Strike 265250 has a total call value of 6,211,500,000 versus a total put value of 14,250,000. Combined total value = 6,225,750,000
Strike 265500 has a total call value of 6,303,000,000 versus a total put value of 13,500,000. Combined total value = 6,316,500,000
Strike 265750 has a total call value of 6,394,500,000 versus a total put value of 12,750,000. Combined total value = 6,407,250,000
Strike 266000 has a total call value of 6,486,000,000 versus a total put value of 12,000,000. Combined total value = 6,498,000,000
Strike 266250 has a total call value of 6,577,500,000 versus a total put value of 11,250,000. Combined total value = 6,588,750,000
Strike 266500 has a total call value of 6,669,000,000 versus a total put value of 10,500,000. Combined total value = 6,679,500,000
Strike 266750 has a total call value of 6,760,500,000 versus a total put value of 9,750,000. Combined total value = 6,770,250,000
Strike 267000 has a total call value of 6,852,000,000 versus a total put value of 9,000,000. Combined total value = 6,861,000,000
Strike 267250 has a total call value of 6,943,500,000 versus a total put value of 8,250,000. Combined total value = 6,951,750,000
Strike 267500 has a total call value of 7,035,000,000 versus a total put value of 7,500,000. Combined total value = 7,042,500,000
Strike 267750 has a total call value of 7,126,500,000 versus a total put value of 6,750,000. Combined total value = 7,133,250,000
Strike 268000 has a total call value of 7,218,000,000 versus a total put value of 6,000,000. Combined total value = 7,224,000,000
Strike 268250 has a total call value of 7,309,500,000 versus a total put value of 5,250,000. Combined total value = 7,314,750,000
Strike 268500 has a total call value of 7,401,000,000 versus a total put value of 4,500,000. Combined total value = 7,405,500,000
Strike 268750 has a total call value of 7,492,500,000 versus a total put value of 3,750,000. Combined total value = 7,496,250,000
Strike 269000 has a total call value of 7,584,000,000 versus a total put value of 3,000,000. Combined total value = 7,587,000,000
Strike 269250 has a total call value of 7,675,500,000 versus a total put value of 2,250,000. Combined total value = 7,677,750,000
Strike 269500 has a total call value of 7,767,000,000 versus a total put value of 1,500,000. Combined total value = 7,768,500,000
Strike 269750 has a total call value of 7,858,500,000 versus a total put value of 750,000. Combined total value = 7,859,250,000
Strike 270000 has a total call value of 7,950,000,000 versus a total put value of 0. Combined total value = 7,950,000,000
Strike 270250 has a total call value of 8,068,500,000 versus a total put value of 0. Combined total value = 8,068,500,000
Strike 270500 has a total call value of 8,187,000,000 versus a total put value of 0. Combined total value = 8,187,000,000
Strike 270750 has a total call value of 8,305,500,000 versus a total put value of 0. Combined total value = 8,305,500,000
Strike 271000 has a total call value of 8,424,000,000 versus a total put value of 0. Combined total value = 8,424,000,000
Strike 271250 has a total call value of 8,542,500,000 versus a total put value of 0. Combined total value = 8,542,500,000
Strike 271500 has a total call value of 8,661,000,000 versus a total put value of 0. Combined total value = 8,661,000,000
Strike 271750 has a total call value of 8,779,500,000 versus a total put value of 0. Combined total value = 8,779,500,000
Strike 272000 has a total call value of 8,898,000,000 versus a total put value of 0. Combined total value = 8,898,000,000
Strike 272250 has a total call value of 9,016,500,000 versus a total put value of 0. Combined total value = 9,016,500,000
Strike 272500 has a total call value of 9,135,000,000 versus a total put value of 0. Combined total value = 9,135,000,000
Strike 272750 has a total call value of 9,253,500,000 versus a total put value of 0. Combined total value = 9,253,500,000
Strike 273000 has a total call value of 9,372,000,000 versus a total put value of 0. Combined total value = 9,372,000,000
Strike 273250 has a total call value of 9,490,500,000 versus a total put value of 0. Combined total value = 9,490,500,000
Strike 273500 has a total call value of 9,609,000,000 versus a total put value of 0. Combined total value = 9,609,000,000
Strike 273750 has a total call value of 9,727,500,000 versus a total put value of 0. Combined total value = 9,727,500,000
Strike 274000 has a total call value of 9,846,000,000 versus a total put value of 0. Combined total value = 9,846,000,000
Strike 274250 has a total call value of 9,964,500,000 versus a total put value of 0. Combined total value = 9,964,500,000
Strike 274500 has a total call value of 10,083,000,000 versus a total put value of 0. Combined total value = 10,083,000,000
Strike 274750 has a total call value of 10,201,500,000 versus a total put value of 0. Combined total value = 10,201,500,000
Strike 275000 has a total call value of 10,320,000,000 versus a total put value of 0. Combined total value = 10,320,000,000
Strike 275250 has a total call value of 10,438,500,000 versus a total put value of 0. Combined total value = 10,438,500,000
Strike 275500 has a total call value of 10,557,000,000 versus a total put value of 0. Combined total value = 10,557,000,000
Strike 275750 has a total call value of 10,675,500,000 versus a total put value of 0. Combined total value = 10,675,500,000
Strike 276000 has a total call value of 10,794,000,000 versus a total put value of 0. Combined total value = 10,794,000,000
Strike 276250 has a total call value of 10,912,500,000 versus a total put value of 0. Combined total value = 10,912,500,000
Strike 276500 has a total call value of 11,031,000,000 versus a total put value of 0. Combined total value = 11,031,000,000
Strike 276750 has a total call value of 11,149,500,000 versus a total put value of 0. Combined total value = 11,149,500,000
Strike 277000 has a total call value of 11,268,000,000 versus a total put value of 0. Combined total value = 11,268,000,000
Strike 277250 has a total call value of 11,386,500,000 versus a total put value of 0. Combined total value = 11,386,500,000
Strike 277500 has a total call value of 11,505,000,000 versus a total put value of 0. Combined total value = 11,505,000,000
Strike 277750 has a total call value of 11,623,500,000 versus a total put value of 0. Combined total value = 11,623,500,000
Strike 278000 has a total call value of 11,742,000,000 versus a total put value of 0. Combined total value = 11,742,000,000
Strike 278250 has a total call value of 11,860,500,000 versus a total put value of 0. Combined total value = 11,860,500,000
Strike 278500 has a total call value of 11,979,000,000 versus a total put value of 0. Combined total value = 11,979,000,000
Strike 278750 has a total call value of 12,097,500,000 versus a total put value of 0. Combined total value = 12,097,500,000
Strike 279000 has a total call value of 12,216,000,000 versus a total put value of 0. Combined total value = 12,216,000,000
Strike 279250 has a total call value of 12,334,500,000 versus a total put value of 0. Combined total value = 12,334,500,000
Strike 279500 has a total call value of 12,453,000,000 versus a total put value of 0. Combined total value = 12,453,000,000
Strike 279750 has a total call value of 12,571,500,000 versus a total put value of 0. Combined total value = 12,571,500,000
Strike 280000 has a total call value of 12,690,000,000 versus a total put value of 0. Combined total value = 12,690,000,000
Strike 280250 has a total call value of 12,874,500,000 versus a total put value of 0. Combined total value = 12,874,500,000
Strike 280500 has a total call value of 13,059,000,000 versus a total put value of 0. Combined total value = 13,059,000,000
Strike 280750 has a total call value of 13,243,500,000 versus a total put value of 0. Combined total value = 13,243,500,000
Strike 281000 has a total call value of 13,428,000,000 versus a total put value of 0. Combined total value = 13,428,000,000
Strike 281250 has a total call value of 13,612,500,000 versus a total put value of 0. Combined total value = 13,612,500,000
Strike 281500 has a total call value of 13,797,000,000 versus a total put value of 0. Combined total value = 13,797,000,000
Strike 281750 has a total call value of 13,981,500,000 versus a total put value of 0. Combined total value = 13,981,500,000
Strike 282000 has a total call value of 14,166,000,000 versus a total put value of 0. Combined total value = 14,166,000,000
Strike 282250 has a total call value of 14,350,500,000 versus a total put value of 0. Combined total value = 14,350,500,000
Strike 282500 has a total call value of 14,535,000,000 versus a total put value of 0. Combined total value = 14,535,000,000
Strike 282750 has a total call value of 14,719,500,000 versus a total put value of 0. Combined total value = 14,719,500,000
Strike 283000 has a total call value of 14,904,000,000 versus a total put value of 0. Combined total value = 14,904,000,000
Strike 283250 has a total call value of 15,088,500,000 versus a total put value of 0. Combined total value = 15,088,500,000
Strike 283500 has a total call value of 15,273,000,000 versus a total put value of 0. Combined total value = 15,273,000,000
Strike 283750 has a total call value of 15,457,500,000 versus a total put value of 0. Combined total value = 15,457,500,000
Strike 284000 has a total call value of 15,642,000,000 versus a total put value of 0. Combined total value = 15,642,000,000
Strike 284250 has a total call value of 15,826,500,000 versus a total put value of 0. Combined total value = 15,826,500,000
Strike 284500 has a total call value of 16,011,000,000 versus a total put value of 0. Combined total value = 16,011,000,000
Strike 284750 has a total call value of 16,195,500,000 versus a total put value of 0. Combined total value = 16,195,500,000
Strike 285000 has a total call value of 16,380,000,000 versus a total put value of 0. Combined total value = 16,380,000,000
Strike 285250 has a total call value of 16,564,500,000 versus a total put value of 0. Combined total value = 16,564,500,000
Strike 285500 has a total call value of 16,749,000,000 versus a total put value of 0. Combined total value = 16,749,000,000
Strike 285750 has a total call value of 16,933,500,000 versus a total put value of 0. Combined total value = 16,933,500,000
Strike 286000 has a total call value of 17,118,000,000 versus a total put value of 0. Combined total value = 17,118,000,000
Strike 286250 has a total call value of 17,302,500,000 versus a total put value of 0. Combined total value = 17,302,500,000
Strike 286500 has a total call value of 17,487,000,000 versus a total put value of 0. Combined total value = 17,487,000,000
Strike 286750 has a total call value of 17,671,500,000 versus a total put value of 0. Combined total value = 17,671,500,000
Strike 287000 has a total call value of 17,856,000,000 versus a total put value of 0. Combined total value = 17,856,000,000
Strike 287250 has a total call value of 18,040,500,000 versus a total put value of 0. Combined total value = 18,040,500,000
Strike 287500 has a total call value of 18,225,000,000 versus a total put value of 0. Combined total value = 18,225,000,000
Strike 287750 has a total call value of 18,409,500,000 versus a total put value of 0. Combined total value = 18,409,500,000
Strike 288000 has a total call value of 18,594,000,000 versus a total put value of 0. Combined total value = 18,594,000,000
Strike 288250 has a total call value of 18,778,500,000 versus a total put value of 0. Combined total value = 18,778,500,000
Strike 288500 has a total call value of 18,963,000,000 versus a total put value of 0. Combined total value = 18,963,000,000
Strike 288750 has a total call value of 19,147,500,000 versus a total put value of 0. Combined total value = 19,147,500,000
Strike 289000 has a total call value of 19,332,000,000 versus a total put value of 0. Combined total value = 19,332,000,000
Strike 289250 has a total call value of 19,516,500,000 versus a total put value of 0. Combined total value = 19,516,500,000
Strike 289500 has a total call value of 19,701,000,000 versus a total put value of 0. Combined total value = 19,701,000,000
Strike 289750 has a total call value of 19,885,500,000 versus a total put value of 0. Combined total value = 19,885,500,000
Strike 290000 has a total call value of 20,070,000,000 versus a total put value of 0. Combined total value = 20,070,000,000
Strike 290250 has a total call value of 20,254,500,000 versus a total put value of 0. Combined total value = 20,254,500,000
Strike 290500 has a total call value of 20,439,000,000 versus a total put value of 0. Combined total value = 20,439,000,000
Strike 290750 has a total call value of 20,623,500,000 versus a total put value of 0. Combined total value = 20,623,500,000
Strike 291000 has a total call value of 20,808,000,000 versus a total put value of 0. Combined total value = 20,808,000,000
Strike 291250 has a total call value of 20,992,500,000 versus a total put value of 0. Combined total value = 20,992,500,000
Strike 291500 has a total call value of 21,177,000,000 versus a total put value of 0. Combined total value = 21,177,000,000
Strike 291750 has a total call value of 21,361,500,000 versus a total put value of 0. Combined total value = 21,361,500,000
Strike 292000 has a total call value of 21,546,000,000 versus a total put value of 0. Combined total value = 21,546,000,000
Strike 292250 has a total call value of 21,730,500,000 versus a total put value of 0. Combined total value = 21,730,500,000
Strike 292500 has a total call value of 21,915,000,000 versus a total put value of 0. Combined total value = 21,915,000,000
Strike 292750 has a total call value of 22,099,500,000 versus a total put value of 0. Combined total value = 22,099,500,000
Strike 293000 has a total call value of 22,284,000,000 versus a total put value of 0. Combined total value = 22,284,000,000
Strike 293250 has a total call value of 22,468,500,000 versus a total put value of 0. Combined total value = 22,468,500,000
Strike 293500 has a total call value of 22,653,000,000 versus a total put value of 0. Combined total value = 22,653,000,000
Strike 293750 has a total call value of 22,837,500,000 versus a total put value of 0. Combined total value = 22,837,500,000
Strike 294000 has a total call value of 23,022,000,000 versus a total put value of 0. Combined total value = 23,022,000,000
Strike 294250 has a total call value of 23,206,500,000 versus a total put value of 0. Combined total value = 23,206,500,000
Strike 294500 has a total call value of 23,391,000,000 versus a total put value of 0. Combined total value = 23,391,000,000
Strike 294750 has a total call value of 23,575,500,000 versus a total put value of 0. Combined total value = 23,575,500,000
Strike 295000 has a total call value of 23,760,000,000 versus a total put value of 0. Combined total value = 23,760,000,000
Strike 295250 has a total call value of 23,944,500,000 versus a total put value of 0. Combined total value = 23,944,500,000
Strike 295500 has a total call value of 24,129,000,000 versus a total put value of 0. Combined total value = 24,129,000,000
Strike 295750 has a total call value of 24,313,500,000 versus a total put value of 0. Combined total value = 24,313,500,000
Strike 296000 has a total call value of 24,498,000,000 versus a total put value of 0. Combined total value = 24,498,000,000
Strike 296250 has a total call value of 24,682,500,000 versus a total put value of 0. Combined total value = 24,682,500,000
Strike 296500 has a total call value of 24,867,000,000 versus a total put value of 0. Combined total value = 24,867,000,000
Strike 296750 has a total call value of 25,051,500,000 versus a total put value of 0. Combined total value = 25,051,500,000
Strike 297000 has a total call value of 25,236,000,000 versus a total put value of 0. Combined total value = 25,236,000,000
Strike 297250 has a total call value of 25,420,500,000 versus a total put value of 0. Combined total value = 25,420,500,000
Strike 297500 has a total call value of 25,605,000,000 versus a total put value of 0. Combined total value = 25,605,000,000
Strike 297750 has a total call value of 25,789,500,000 versus a total put value of 0. Combined total value = 25,789,500,000
Strike 298000 has a total call value of 25,974,000,000 versus a total put value of 0. Combined total value = 25,974,000,000
Strike 298250 has a total call value of 26,158,500,000 versus a total put value of 0. Combined total value = 26,158,500,000
Strike 298500 has a total call value of 26,343,000,000 versus a total put value of 0. Combined total value = 26,343,000,000
Strike 298750 has a total call value of 26,527,500,000 versus a total put value of 0. Combined total value = 26,527,500,000
Strike 299000 has a total call value of 26,712,000,000 versus a total put value of 0. Combined total value = 26,712,000,000
Strike 299250 has a total call value of 26,896,500,000 versus a total put value of 0. Combined total value = 26,896,500,000
Strike 299500 has a total call value of 27,081,000,000 versus a total put value of 0. Combined total value = 27,081,000,000
Strike 299750 has a total call value of 27,265,500,000 versus a total put value of 0. Combined total value = 27,265,500,000
Strike 300000 has a total call value of 27,450,000,000 versus a total put value of 0. Combined total value = 27,450,000,000
Max-Pain Table for Commodity
Frequently Asked Questions
Max Pain, also known as the max pain price, is the strike price at which the maximum number of option contracts (both puts and calls) would expire worthless, causing the largest financial losses for option holders at expiration. This price point represents the level where option writers would experience the least payout obligation.
The max pain theory suggests that as expiration approaches, market makers and option writers may attempt to influence the stock price toward this level to minimize their payout obligations, making it a significant reference point for traders analyzing option expiration dynamics.
Max Pain is calculated by determining the total dollar value of in-the-money options at each strike price. Here's the step-by-step process:
- For each strike price: Calculate the difference between the current stock price and the strike price.
- Multiply by Open Interest: Multiply this difference by the open interest (number of contracts) at that strike for both call and put options.
- Sum the values: Add together the dollar value for put options and call options at each strike price.
- Repeat for all strikes: Perform this calculation for every available strike price in the option chain.
- Identify the maximum: The strike price with the highest combined dollar value is the Max Pain price.
This calculation helps identify the price level where option writers would face the maximum financial loss if the stock closes at that price on expiration day.
Traders can incorporate Max Pain analysis into their trading strategy in several ways:
- Expiration Day Trading: As option expiration approaches, traders can use Max Pain as a potential support or resistance level, as market makers may attempt to push the price toward this level.
- Option Selection: Understanding Max Pain helps traders choose strike prices that are less likely to be manipulated, potentially improving their option trade outcomes.
- Risk Management: If a stock is trading far from Max Pain before expiration, traders can anticipate potential price movement toward this level and adjust their positions accordingly.
- Market Sentiment Indicator: Comparing the current stock price to Max Pain can provide insights into market sentiment and potential price direction near expiration.
- Hedging Strategy: Option writers can use Max Pain to identify strike prices where they might face the least payout risk, helping them structure more efficient hedging strategies.
Max Pain provides insights into potential stock price behavior, especially near option expiration:
- Price Magnet Effect: If the stock price is significantly above or below Max Pain before expiration, there may be a tendency for the price to move toward Max Pain as expiration approaches, as option writers hedge their positions.
- Support/Resistance Level: Max Pain can act as a psychological and technical support or resistance level, especially on expiration day, as it represents the price where maximum option value would be lost.
- Volatility Indicator: A large gap between current price and Max Pain may indicate higher potential volatility or price movement as expiration nears.
- Market Maker Activity: Significant open interest concentration around Max Pain suggests where market makers might have the most incentive to influence price movement through their hedging activities.
Note: Max Pain is a theoretical concept and should be used in conjunction with other technical and fundamental analysis tools, as it does not guarantee price movement.
Max Pain is a dynamic value that changes continuously based on several factors:
- Open Interest Changes: As traders open and close option positions, the open interest at different strike prices changes, which directly affects the Max Pain calculation.
- Stock Price Movement: As the underlying stock price moves, different strike prices become in-the-money or out-of-the-money, altering the dollar value calculations.
- Time Decay: As expiration approaches, the time value of options decreases, but the intrinsic value calculations for Max Pain continue to evolve with price movements.
- New Option Contracts: When new strike prices are added or when significant new positions are opened, Max Pain may shift to reflect the new distribution of open interest.
For accurate Max Pain analysis, traders should monitor it regularly, especially in the days leading up to expiration, as it can shift significantly as market conditions and option positions change.
Max Pain and Spot Price are two distinct concepts that serve different purposes in options trading:
- Spot Price (Current Market Price): This is the current trading price of the underlying stock or index in the market. It represents the real-time value at which the asset can be bought or sold immediately.
- Max Pain Price: This is a calculated theoretical price level based on option open interest data. It represents the strike price where option writers would face minimum payout obligations, not necessarily where the stock is currently trading.
The relationship between these two prices is crucial: when the spot price is far from Max Pain, traders may anticipate potential price movement toward Max Pain as expiration approaches. However, this is not guaranteed, and many other factors influence stock price movement.
No, Max Pain is not always accurate and should not be used as the sole indicator for predicting stock price movement. Here's why:
- Market Forces: Strong fundamental news, earnings reports, or significant market events can override the Max Pain effect and drive prices in unexpected directions.
- Institutional Activity: Large institutional trades, algorithmic trading, and other market participants may have different objectives than minimizing option payouts.
- Limited Influence: While market makers may attempt to influence price toward Max Pain, their ability to do so is limited, especially in highly liquid stocks with strong directional momentum.
- Multiple Expirations: Stocks often have options expiring on different dates (weekly, monthly), which means multiple Max Pain levels may exist simultaneously, reducing the predictive power of any single level.
- Statistical Tool: Max Pain is best viewed as a statistical tool that provides context about option market dynamics rather than a guaranteed price target.
Traders should use Max Pain as one of many tools in their analysis, combining it with technical analysis, fundamental analysis, and market sentiment indicators for more comprehensive decision-making.
Max Pain becomes increasingly relevant as option expiration approaches:
- Last Trading Week: Max Pain analysis is most useful during the final week before expiration, when option writers are actively hedging and the "pinning effect" (price movement toward Max Pain) is most likely to occur.
- Expiration Day: On the day of expiration, Max Pain can serve as a key reference level, as market makers may attempt to keep the stock price near this level to minimize their payout obligations.
- High Open Interest: Max Pain is more reliable when there is significant open interest concentrated around specific strike prices, as this indicates where option writers have the most exposure.
- Low Volatility Periods: During periods of low market volatility, Max Pain may have a stronger influence, as there are fewer competing forces driving price movement.
- Monthly Expirations: Monthly option expirations (typically the third Friday) often show stronger Max Pain effects compared to weekly expirations, due to higher open interest and more significant market maker involvement.
While Max Pain can be calculated at any time, its predictive value and practical application increase significantly as expiration approaches, making it particularly useful for short-term trading strategies focused on expiration week dynamics.
