Max Pain Analysis API

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.

Works with CME index futures. Pass ES=F or NQ=F and URL-encode the = as %3D - e.g. /v1/maxpain/ES%3DF. Options-on-futures are priced with Black-76 using the CME multiplier ($50/pt ES, $20/pt NQ); CME index futures are Growth-tier. See the futures hub.

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

Gauge pin conviction - read pin_probability (0-100) to decide whether to fade moves toward max_pain_strike or stand aside into expiration
Anchor credit spreads - center iron condors on max_pain_strike and set wings at dealer_alignment.call_wall / put_wall for high-probability structures
Time the pin entry - use distance.percent and distance.direction to know how far spot must travel to reach max pain and which way to lean
Confirm with dealer alignment - act only when dealer_alignment.alignment reads converging and gamma_flip sits near max pain, raising pin odds
Plan roll timing - compare max_pain_by_expiration[] across expiries to roll positions where max pain and OI concentrate
Filter by expected move - gate setups on expected_move.max_pain_within_expected_range so you only pin-trade when max pain is reachable inside the straddle
Map the pain landscape - plot pain_curve[] and oi_by_strike[] to visualize where holder pain bottoms and OI clusters

Complementary endpoints

Key Levels - gamma flip and call/put walls to cross-check the pin setup
Gamma Exposure (GEX) - per-strike gamma the dealer-alignment block is derived from
Flow Pin Risk - real-time flow-based pin-risk score alongside the OI-based pin probability
0DTE Analytics - same-day pin risk, expected move, and gamma acceleration