{"slug":"what-is-max-pain","qid":"pain_curve","label":"Total payout to option holders at each candidate settlement price, SPY July 17 2026","post_title":"What Is Max Pain in Options? The Real Math","post_url":"/blog/what-is-max-pain#q-pain_curve","columns":["settle_price","holder_payout_usd_mm"],"rows":[{"settle_price":730,"holder_payout_usd_mm":11149.2},{"settle_price":731,"holder_payout_usd_mm":10358},{"settle_price":732,"holder_payout_usd_mm":9578.6},{"settle_price":733,"holder_payout_usd_mm":8819.9},{"settle_price":734,"holder_payout_usd_mm":8067.7},{"settle_price":735,"holder_payout_usd_mm":7325.2},{"settle_price":736,"holder_payout_usd_mm":6613.8},{"settle_price":737,"holder_payout_usd_mm":5914.5},{"settle_price":738,"holder_payout_usd_mm":5233},{"settle_price":739,"holder_payout_usd_mm":4574.6},{"settle_price":740,"holder_payout_usd_mm":3940.9},{"settle_price":741,"holder_payout_usd_mm":3401.5},{"settle_price":742,"holder_payout_usd_mm":2909.8},{"settle_price":743,"holder_payout_usd_mm":2490.1},{"settle_price":744,"holder_payout_usd_mm":2166.9},{"settle_price":745,"holder_payout_usd_mm":1960},{"settle_price":746,"holder_payout_usd_mm":1898.2},{"settle_price":747,"holder_payout_usd_mm":1940.2},{"settle_price":748,"holder_payout_usd_mm":2071.2},{"settle_price":749,"holder_payout_usd_mm":2272.8},{"settle_price":750,"holder_payout_usd_mm":2523},{"settle_price":751,"holder_payout_usd_mm":2882.3},{"settle_price":752,"holder_payout_usd_mm":3287.3},{"settle_price":753,"holder_payout_usd_mm":3740.9},{"settle_price":754,"holder_payout_usd_mm":4233.4},{"settle_price":755,"holder_payout_usd_mm":4755.6},{"settle_price":756,"holder_payout_usd_mm":5323.4},{"settle_price":757,"holder_payout_usd_mm":5907.3},{"settle_price":758,"holder_payout_usd_mm":6505.3},{"settle_price":759,"holder_payout_usd_mm":7116.7},{"settle_price":760,"holder_payout_usd_mm":7736.8},{"settle_price":761,"holder_payout_usd_mm":8396.5},{"settle_price":762,"holder_payout_usd_mm":9061.5},{"settle_price":763,"holder_payout_usd_mm":9731.7},{"settle_price":764,"holder_payout_usd_mm":10406.4},{"settle_price":765,"holder_payout_usd_mm":11083.9}],"shape":"table","sql":"WITH chain AS (\n    SELECT intDiv(toUInt32OrZero(substring(ticker, length(ticker) - 7, 8)), 1000) AS strike,\n           substring(ticker, length(ticker) - 8, 1)                              AS opt_type,\n           sum(toFloat64(volume))                                                AS contracts\n    FROM global_markets.options_minute_aggs\n    WHERE window_start >= toDateTime('2026-06-18 08:00:00')\n      AND window_start <  toDateTime('2026-07-18 04:00:00')\n      AND startsWith(ticker, 'O:SPY260717')\n    GROUP BY strike, opt_type\n),\ncandidates AS (\n    SELECT DISTINCT strike AS settle FROM chain WHERE strike BETWEEN 730 AND 765\n)\nSELECT candidates.settle AS settle_price,\n       round(sum(multiIf(chain.opt_type = 'C' AND chain.strike < candidates.settle,\n                         chain.contracts * (candidates.settle - chain.strike),\n                         chain.opt_type = 'P' AND chain.strike > candidates.settle,\n                         chain.contracts * (chain.strike - candidates.settle),\n                         0)) * 100 / 1e6, 1) AS holder_payout_usd_mm\nFROM candidates CROSS JOIN chain\nGROUP BY settle_price\nORDER BY settle_price","computed_at":"2026-07-31T08:40:52.729920+00:00","elapsed":0.003291106}