Free ON Max Pain - ON Semiconductor Max Pain
Use free ON Max Pain to find the candidate strike with the lowest combined call and put intrinsic value for ON Semiconductor at one selected expiration. Compare the full pain curve alongside business context that includes chip demand, product cycles, manufacturing capacity, and customer spending.
How to use the ON Max Pain tool
Confirm ON
ON 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.
2 free calculations remaining today • Sign up free
GEX Workspace
Multi-ticker dashboard with alerts
GEX Heatmap
Strike-level gamma by expiration
GEX Intraday PlayTape
Intraday gamma movement & replay
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
ON max pain in detail
Computed
Spot
$79.02
Max pain strike
$78
1.3% below spot
Expiration
2026-10-09
Lowest total pain by strike
| Strike | Call pain | Put pain | Total |
|---|---|---|---|
| $78 | $787K | $528K | $1.3M |
| $79 | $903K | $414K | $1.3M |
| $77 | $681K | $654K | $1.3M |
| $76 | $595K | $784K | $1.4M |
| $75 | $519K | $942K | $1.5M |
Reviewed by the QuantWheel research team. Computed from listed ON open interest for the expiration shown; a reference level, not a forecast. Read how we compute ON max pain.
Continue with ON options analysis
Max Pain is part of the paid GEX plan. Try the GEX tools on sample tickers first.
$1 for 7 days • Cancel anytime • 14-day money-back guarantee
Understanding ON Max Pain
The ON options chain represents ON Semiconductor. Evaluate its open-interest distribution alongside business context that includes chip demand, product cycles, manufacturing capacity, and customer spending. Compare Max Pain across available expirations because the distribution can differ from one expiration to another.
For ON, 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 ON Semiconductor will trade.
How the ON 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 ON Max Pain.
This calculation uses the selected options chain. It does not measure dealer inventory, intent, future order flow or the probability that ON will finish at the calculated strike.
ON Max Pain FAQ
What is ON Max Pain?
ON Max Pain is the candidate expiration price where the combined intrinsic value of outstanding ON calls and puts is lowest for the selected expiration. It is a calculation based on open interest, not a prediction of where ON will trade.
How is ON Max Pain calculated?
For each candidate price, QuantWheel calculates call and put intrinsic value across the selected ON 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 ON expiration should I select?
Select the exact ON 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 ON Max Pain?
Compare the calculated strike with ON 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 ON Max Pain a price target?
No. ON Max Pain does not forecast price and does not prove that traders or market makers will move ON toward a particular strike. News, volatility, liquidity and positioning can outweigh any expiration-related pinning effect.
Is the ON Max Pain calculator free?
Yes. QuantWheel provides a limited number of free ON Max Pain calculations. The calculator shows how many free calculations remain before you run another expiration.