Why Max Pain Matters (And When It Doesn't)
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Abstract
Max Pain is the expiry price at which option buyers, taken together, lose the most. It is a tendency produced by positioning and hedging, not a law, and it fails when an outside shock moves the underlying. AION Analytics research note. Canonical version: https://aionanalytics.in/research/notes/max-pain
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View paper (DOI)Open access versionOpenAlexZenodo (CERN European Organization for Nuclear Research)Published 2026-10-08
Authors: Lokesh Gupta