Max Pain · 2026-05-13
IWM Max Pain
IWM Max Pain by Expiry
Strike price where maximum open interest expires worthless, per expiration date
| Expiration | Max Pain | Max Pain vs Current Price |
|---|---|---|
| May 13, 2026 0d | 276 | 6.53 (2.31%) |
| May 14, 2026 1d | 272 | 10.53 (3.73%) |
| May 15, 2026 2d | 247 | 35.53 (12.58%) |
| May 18, 2026 5d | 273 | 9.53 (3.37%) |
| May 19, 2026 6d | 270 | 12.53 (4.43%) |
Chart Guide
What is Max Pain?
The price where option sellers win the most
Max Pain is the strike where the combined dollar value of all outstanding options (calls + puts) is minimized — meaning option buyers collectively lose the m…
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Frequently Asked Questions
What is the max pain price for IWM?
The current max pain price for IWM is —, which is NaN% from the current spot price. This is the strike at which the total dollar value of all outstanding IWM options (calls and puts) would expire worthless, resulting in the maximum financial loss to option buyers and maximum gain to option sellers.
How is max pain calculated for IWM?
Max pain is calculated by iterating over every strike in the IWM option chain and computing the total intrinsic value of all outstanding call and put contracts if the stock expired at that strike. The strike that produces the lowest total payout to option holders is the max pain level. StrikeVue recalculates this every 5 minutes using live NYSE/NASDAQ open interest data.
Does IWM price gravitate toward max pain at expiry?
Historically, stocks and indices do tend to drift toward their max pain level in the final days before expiry due to delta-hedging flows from market makers. As expiry approaches, dealers who are short options adjust their hedges — buying or selling the underlying — in ways that naturally pull price toward the max pain strike. This effect is strongest in the last 1–3 days before expiry for IWM (next expiry: 2026-05-13).
How often is IWM max pain updated on StrikeVue?
IWM max pain is recalculated every 5 minutes from live NYSE/NASDAQ open interest data during United States market hours. StrikeVue is completely free and requires no login or broker account.