Free XSP Max Pain - Options Max Pain Calculator
Use free XSP Max Pain to find the candidate strike with the lowest combined call and put intrinsic value for XSP at one selected expiration. Compare the full pain curve alongside business context that includes macro data, interest rates, volatility, and broad market positioning.
How to use the XSP Max Pain tool
Confirm XSP
XSP 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
XSP max pain in detail
Computed
Spot
$781.15
Max pain strike
$774
0.9% below spot
Expiration
2026-10-12
Lowest total pain by strike
| Strike | Call pain | Put pain | Total |
|---|---|---|---|
| $774 | $1.3M | $524K | $1.8M |
| $773 | $1.2M | $626K | $1.8M |
| $775 | $1.4M | $430K | $1.9M |
| $772 | $1.1M | $739K | $1.9M |
| $771 | $1.0M | $864K | $1.9M |
Reviewed by the QuantWheel research team. Computed from listed XSP open interest for the expiration shown; a reference level, not a forecast. Read how we compute XSP max pain.
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Understanding XSP Max Pain
The XSP options chain represents XSP. Evaluate its open-interest distribution alongside business context that includes macro data, interest rates, volatility, and broad market positioning. Compare Max Pain across available expirations because the distribution can differ from one expiration to another.
For XSP, 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 XSP will trade.
How the XSP 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 XSP Max Pain.
This calculation uses the selected options chain. It does not measure dealer inventory, intent, future order flow or the probability that XSP will finish at the calculated strike.
Related XSP options tools
Compare expiration pain with the XSP GEX chart or review XSP gamma by strike and expiration.
XSP Max Pain FAQ
What is XSP Max Pain?
XSP Max Pain is the candidate expiration price where the combined intrinsic value of outstanding XSP calls and puts is lowest for the selected expiration. It is a calculation based on open interest, not a prediction of where XSP will trade.
How is XSP Max Pain calculated?
For each candidate price, QuantWheel calculates call and put intrinsic value across the selected XSP 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 XSP expiration should I select?
Select the exact XSP 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 XSP Max Pain?
Compare the calculated strike with XSP 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 XSP Max Pain a price target?
No. XSP Max Pain does not forecast price and does not prove that traders or market makers will move XSP toward a particular strike. News, volatility, liquidity and positioning can outweigh any expiration-related pinning effect.
Is the XSP Max Pain calculator free?
Yes. QuantWheel provides a limited number of free XSP Max Pain calculations. The calculator shows how many free calculations remain before you run another expiration.