Max Pain Analysis API - Pain Curve, Dealer Alignment, Pin Probability

New to max pain? Read our complete guide covering what max pain is and how it works. Also see: Max Pain Trading Strategies for pin risk and expiration setups.

Endpoint

GET /v1/maxpain/{symbol}

Auth required (X-Api-Key) Rate Limited: Yes Basic+

Parameters

Name	In	Required	Default	Description
`symbol`	path	yes	-	Underlying symbol (e.g. `SPY`, `QQQ`, `AAPL`)
`expiration`	query	no	nearest	Expiration date in `yyyy-MM-dd` format. Omit for full-chain analysis plus per-expiry breakdown.

Requires Basic plan or higher.

curl -H "X-Api-Key: YOUR_API_KEY" \
  "https://lab.flashalpha.com/v1/maxpain/SPY"

import requests

resp = requests.get(
    "https://lab.flashalpha.com/v1/maxpain/SPY",
    headers={"X-Api-Key": "YOUR_API_KEY"}
)
data = resp.json()
print(f"Max Pain Strike: {data['max_pain_strike']}")
print(f"Pin Probability: {data['pin_probability']}/100")
print(f"Distance: {data['distance']['percent']}% {data['distance']['direction']}")
print(f"Signal: {data['signal']}")
print(f"Dealer Alignment: {data['dealer_alignment']['alignment']}")

const resp = await fetch(
  "https://lab.flashalpha.com/v1/maxpain/SPY",
  { headers: { "X-Api-Key": "YOUR_API_KEY" } }
);
const data = await resp.json();
console.log(`Max Pain Strike: ${data.max_pain_strike}`);
console.log(`Pin Probability: ${data.pin_probability}/100`);
console.log(`Distance: ${data.distance.percent}% ${data.distance.direction}`);
console.log(`Signal: ${data.signal}`);
console.log(`Dealer Alignment: ${data.dealer_alignment.alignment}`);

Response

{
  "symbol": "SPY",
  "underlying_price": 548.32,
  "as_of": "2026-04-09T15:12:34Z",
  "max_pain_strike": 545,
  "expiration": "2026-04-09",
  "distance": { "absolute": 3.32, "percent": 0.61, "direction": "above" },
  "signal": "neutral",
  "put_call_oi_ratio": 1.82,
  "regime": "positive_gamma",
  "pin_probability": 74,
  "pain_curve": [
    { "strike": 540, "call_pain": 8200000, "put_pain": 34600000, "total_pain": 42800000 },
    { "strike": 542, "call_pain": 10500000, "put_pain": 27600000, "total_pain": 38100000 },
    { "strike": 545, "call_pain": 14200000, "put_pain": 14250000, "total_pain": 28450000 },
    { "strike": 548, "call_pain": 21800000, "put_pain": 10800000, "total_pain": 32600000 },
    { "strike": 550, "call_pain": 28400000, "put_pain": 10800000, "total_pain": 39200000 }
  ],
  "oi_by_strike": [
    { "strike": 540, "call_oi": 12400, "put_oi": 38200, "total_oi": 50600, "call_volume": 320, "put_volume": 1480 },
    { "strike": 545, "call_oi": 45200, "put_oi": 41800, "total_oi": 87000, "call_volume": 2100, "put_volume": 3200 },
    { "strike": 550, "call_oi": 52800, "put_oi": 18400, "total_oi": 71200, "call_volume": 4800, "put_volume": 980 }
  ],
  "max_pain_by_expiration": [
    { "expiration": "2026-04-09", "max_pain_strike": 545, "dte": 0, "total_oi": 1240000 },
    { "expiration": "2026-04-11", "max_pain_strike": 547, "dte": 2, "total_oi": 890000 },
    { "expiration": "2026-04-16", "max_pain_strike": 550, "dte": 7, "total_oi": 1520000 },
    { "expiration": "2026-04-23", "max_pain_strike": 552, "dte": 14, "total_oi": 680000 }
  ],
  "dealer_alignment": {
    "alignment": "converging",
    "description": "Max pain at 545 sits below spot (548.32). Gamma flip at 546.50 near max pain. Call wall at 550 acts as resistance, put wall at 540 as support.",
    "gamma_flip": 546.50,
    "call_wall": 550,
    "put_wall": 540
  },
  "expected_move": {
    "straddle_price": 4.85,
    "atm_iv": 18.2,
    "max_pain_within_expected_range": true
  }
}

Response Fields

Field	Type	Description
`underlying_price`	number	Current spot price of the underlying
`max_pain_strike`	number	Strike where total option holder pain (intrinsic value) is minimized. See max pain
`distance`	object	`absolute` (dollars), `percent`, and `direction` (`above` or `below`) from spot to max pain
`signal`	string	Composite signal: `strong_pin`, `moderate_pin`, `neutral`, `weak_pin`
`put_call_oi_ratio`	number	Total put OI divided by total call OI across the chain. See put/call OI ratio
`regime`	string	`positive_gamma`, `negative_gamma`, or `undetermined`. See gamma regime
`pin_probability`	number	0–100 composite score: OI concentration, proximity to max pain, time to expiry, gamma magnitude. See pin risk
`pain_curve[]`	array	Pain at each strike: `call_pain`, `put_pain`, `total_pain` (USD). See pain curve
`oi_by_strike[]`	array	Per-strike breakdown: `call_oi`, `put_oi`, `total_oi`, `call_volume`, `put_volume`. See highest OI strike
`max_pain_by_expiration[]`	array	Max pain strike for each available expiration with `dte` and `total_oi`
`dealer_alignment.alignment`	string	`converging`, `moderate`, or `diverging` – how well max pain aligns with GEX levels. See dealer alignment
`dealer_alignment.description`	string	Human-readable summary of dealer alignment context
`dealer_alignment.gamma_flip`	number	Price level where dealer gamma flips from positive to negative. See gamma flip
`dealer_alignment.call_wall`	number	Strike with highest call GEX – acts as resistance. See call wall
`dealer_alignment.put_wall`	number	Strike with highest put GEX – acts as support. See put wall
`expected_move.straddle_price`	number	ATM straddle price in dollars. See expected move
`expected_move.atm_iv`	number	At-the-money implied volatility (annualized %)
`expected_move.max_pain_within_expected_range`	boolean	Whether max pain strike falls within the expected move range

What Is Max Pain?

Max pain is the strike price where the total intrinsic value of all outstanding options (both calls and puts) is minimized at expiration. In theory, this is the price at which option writers (predominantly dealers and market makers) lose the least money, creating a gravitational pull on the underlying as expiration approaches.

This endpoint combines the classic max pain calculation with GEX dealer alignment data – gamma flip, call/put walls, and net gamma exposure – to give you a complete picture of where dealer positioning and option holder pain intersect. When the max pain strike aligns with key GEX levels, the pin probability increases significantly.

Common Use Cases

Build a max pain dashboard – plot the pain curve, overlay OI by strike, and highlight the max pain strike relative to spot price for any symbol. Step-by-step Python code included.
Iron condor & credit spread positioning – use max pain as a center anchor and call/put walls as wing boundaries to structure high-probability credit spreads
Expiry-day pin detection – combine pin_probability with /v1/exposure/zero-dte pin risk data to identify high-conviction pin setups on expiration day
Multi-expiry calendar for roll timing – use max_pain_by_expiration to compare max pain across expirations and time rolls to maximize theta capture

Related Endpoints

/v1/exposure/levels – key levels including basic max pain strike (Free tier)
/v1/exposure/zero-dte – 0DTE pin risk, expected move, gamma acceleration
/v1/exposure/gex – per-strike gamma exposure for GEX charting
/v1/exposure/summary – full exposure summary with dealer hedging estimates

Guides & Articles

Max Pain Explained: Complete Guide – theory, math, dealer mechanics, and when it works
Build a Max Pain Dashboard – Python code for pain curves, OI charts, multi-symbol scanning
Max Pain Trading Strategies – iron condors, 0DTE pin fades, calendar spreads, risk management