Free LLY Max Pain - Eli Lilly Max Pain
Use free LLY Max Pain to find the candidate strike with the lowest combined call and put intrinsic value for Eli Lilly at one selected expiration. Compare the full pain curve alongside business context that includes product demand, regulation, company results, and customer spending.
How to use the LLY Max Pain tool
Confirm LLY
LLY is already entered. Keep it or search another ticker.
Choose an expiration
Select the expiration you want the calculation to use.
Calculate Max Pain
Generate the result, then compare Max Pain with price and the full pain chart.
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What is Max Pain?
Max Pain is the strike price at which option sellers (market makers) would lose the least amount of money if the stock expired at that price. The theory suggests stocks tend to gravitate toward this price near expiration.
Chart Legend:
- Green bars: Call option pain per strike
- Red bars: Put option pain per strike
- Blue line: Max Pain strike
- Red line: Current underlying price
Key levels
LLY max pain in detail
Computed
Spot
$1,146
Max pain strike
$1,155
0.7% above spot
Expiration
2026-10-09
Lowest total pain by strike
| Strike | Call pain | Put pain | Total |
|---|---|---|---|
| $1,155 | $3.1M | $2.5M | $5.6M |
| $1,158 | $3.3M | $2.3M | $5.6M |
| $1,160 | $3.5M | $2.1M | $5.6M |
| $1,153 | $3.0M | $2.7M | $5.7M |
| $1,163 | $3.8M | $1.9M | $5.7M |
Reviewed by the QuantWheel research team. Computed from listed LLY open interest for the expiration shown; a reference level, not a forecast. Read how we compute LLY max pain.
Continue with LLY options analysis
Open the Max Pain workspace when you want to keep the calculation alongside your other options tools.
Understanding LLY Max Pain
The LLY options chain represents Eli Lilly. Evaluate its open-interest distribution alongside business context that includes product demand, regulation, company results, and customer spending. Compare Max Pain across available expirations because the distribution can differ from one expiration to another.
For LLY, the calculator tests each candidate strike against call and put open interest for the selected expiration. Review the full curve with the result. The calculation describes the selected chain and does not predict where Eli Lilly will trade.
How the LLY Max Pain calculation works
QuantWheel tests each strike as a possible expiration price. It adds the intrinsic value of open calls and puts at that price, weighted by open interest and the contract multiplier. The strike with the lowest combined value is displayed as LLY Max Pain.
This calculation uses the selected options chain. It does not measure dealer inventory, intent, future order flow or the probability that LLY will finish at the calculated strike.
Related LLY options tools
Compare expiration pain with the LLY GEX chart or review LLY gamma by strike and expiration.
LLY Max Pain FAQ
What is LLY Max Pain?
LLY Max Pain is the candidate expiration price where the combined intrinsic value of outstanding LLY calls and puts is lowest for the selected expiration. It is a calculation based on open interest, not a prediction of where LLY will trade.
How is LLY Max Pain calculated?
For each candidate price, QuantWheel calculates call and put intrinsic value across the selected LLY options chain, multiplies each value by open interest and the 100-share contract multiplier, then adds the totals. The candidate price with the lowest combined total is the Max Pain strike.
Which LLY expiration should I select?
Select the exact LLY expiration you want to examine. Weekly and monthly expirations can have different open-interest distributions, so compare them separately instead of applying one result to every date.
How should I use LLY Max Pain?
Compare the calculated strike with LLY price and the full call and put pain chart for the same expiration. Use it as expiration context alongside liquidity, gamma exposure and your own risk plan rather than as a standalone trading signal.
Is LLY Max Pain a price target?
No. LLY Max Pain does not forecast price and does not prove that traders or market makers will move LLY toward a particular strike. News, volatility, liquidity and positioning can outweigh any expiration-related pinning effect.
Is the LLY Max Pain calculator free?
Yes. QuantWheel provides a limited number of free LLY Max Pain calculations. The calculator shows how many free calculations remain before you run another expiration.