What is the current CATG max pain strike?

As of Nov 13, 2026, Leverage Shares 2x Long CAT Daily ETF (CATG) max pain sits at $4.00, which is 23.5% below the current spot price of $5.23. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. A 23.5% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.

Does CATG pin to its max pain strike at expiration?

The assumed dealer book's GEX on CATG is positive, the regime that can reinforce pinning: a long-gamma book's hedging buys weakness and sells strength near the strikes it is long gamma at, pulling spot toward them into expiration where real dealers are positioned like it. Total open interest across CATG (1.5K contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether CATG actually pins on a given expiration depends on the OI distribution, the gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.

How is CATG max pain calculated?

Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. CATG put/call OI ratio is 0.04 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.

Leverage Shares 2x Long CAT Daily ETF (CATG) Max Pain Analysis

Max pain is the strike price where aggregate option buyer payout is minimized at expiration. It represents the price at which option writers retain the most premium.

Leverage Shares 2x Long CAT Daily ETF (CATG) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $29.3M, listed on CBOE, employing roughly 1 people, carrying a beta of -2.25 to the broader market. The Leverage Shares 2x Long CAT Daily ETF is an exchange traded fund designed to provide 200% (2x) the daily performance of Caterpillar Inc. Led by Michael D. Pruitt, public since 2026-05-12.

Snapshot as of Nov 13, 2026.

Spot Price: $5.23
Max Pain Strike: $4.00
Total OI: 1.5K

Exposures are the assumed dealer book over the expirations within 30 days of the session, or the first four when none are (1 expiration, through Nov 20, 2026), as of Nov 13, 2026. Assumes dealers are long the calls and short the puts, a share p of open interest each - here 100% of open interest (the GEX page sets the share). A date without a stored exposure is a gap; a value marked * is partial, averaged over fewer days, or may include contracts expiring that day or of an unreadable expiration: its reason is printed beside it.

As of Nov 13, 2026, Leverage Shares 2x Long CAT Daily ETF (CATG) max pain sits at $4.00, which is below the current spot price of $5.23 (23.5% away). Spot sits 23.5% below max pain - the gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the actual price path before any expiration pull. CATG is a low-priced underlying (spot $5.23), where $0.50 or finer strike spacing increases the number of viable pin candidates and dampens the dominant-strike effect. Total open interest across the listed chain is comparatively thin (1.5K contracts), so single-strike pinning is less reliable than it is for high-OI names. The assumed dealer book's GEX on CATG is positive ($306 of delta per 1% move), the regime in which its hedging buys weakness and sells strength near the strikes it is long gamma at, reinforcing a pin. Max pain identifies the strike at which the aggregate dollar value of all outstanding options contracts would expire with the least total intrinsic value, a gravitational reference rather than a price target.

CATG Strategy Implications at the Current Max Pain Level

With spot 23.5% from the $4.00 max-pain level and Leverage Shares 2x Long CAT Daily ETF in a positive-GEX regime of the assumed dealer book, where its hedging can pull spot toward heavy-OI strikes it is long gamma at, strategy selection turns on cycle position and the book's gamma. Iron condors and credit spreads centered near the max-pain strike capture the typical end-of-cycle convergence when the regime supports pinning; ratio backspreads or directional debit structures fit names where catalyst flow is likely to overwhelm the hedging-driven pull. The gamma-exposure page shows the assumed book by strike, which decides whether its hedging would reinforce or fight the pin.

How to read the CATG max-pain chart

The open-interest histogram shows where Leverage Shares 2x Long CAT Daily ETF call and put open interest is stacked. Under the assumed dealer book (dealers long the calls, short the puts), the strike with the most call gamma is the call wall: the book is long those calls, so its hedging sells rallies into it. The strike with the most put gamma is the put wall: the book is short those puts, so hedging them sells as price falls toward it, and a break below can accelerate a move. The max-pain strike is the single price at which the total cash payout to option holders is minimized - the lowest-pain price for the writers as a group. The max-pain strike sits at $4.00, 23.5% below spot. The assumed dealer book's GEX is positive at $306 of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book.

CATG max-pain in context

Max pain is an end-of-cycle convergence signal, not an intraday compass. Cross-reference the level with the gamma-flip strike on the GEX page, the front-month ATM IV reading (currently 100.6%), and any catalyst risk on the calendar. Total listed OI on CATG sits at 1.5K contracts; pin strength generally scales with this number, since heavier OI means more delta to hedge as spot drifts toward the strike. A pin can fail - earnings, FDA decisions, central-bank surprises, and other vol catalysts can rip spot past max pain regardless of where dealers want it. Use max pain to size risk-defined structures, not as a directional thesis.

Reading CATG max-pain alongside the assumed dealer book

Convergence toward a strike needs long gamma at it; where the book is short gamma the same OI distribution can repel rather than attract spot. The assumed dealer book's GEX on CATG is positive, so a pull toward heavy strikes it is long gamma at is possible where real dealers are positioned like it. The put/call OI ratio sits at 0.05; ratios above 1.0 mean put-heavy open interest, which under the assumed book weighs GEX toward negative, and ratios below 0.7 call-heavy open interest, which weighs it toward positive. Combine the pin level with the gamma-flip level on the GEX page and the implied move to model out where spot is likely to anchor through expiration.

Learn how max pain is reported and how to read the data →

Frequently asked CATG max pain analysis questions

What is the current CATG max pain strike?: As of Nov 13, 2026, Leverage Shares 2x Long CAT Daily ETF (CATG) max pain sits at $4.00, which is 23.5% below the current spot price of $5.23. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. A 23.5% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.
Does CATG pin to its max pain strike at expiration?: The assumed dealer book's GEX on CATG is positive, the regime that can reinforce pinning: a long-gamma book's hedging buys weakness and sells strength near the strikes it is long gamma at, pulling spot toward them into expiration where real dealers are positioned like it. Total open interest across CATG (1.5K contracts) is one input to how plausible a clean pin is - heavier total OI concentrated at fewer strikes raises the probability; thin OI spread across many strikes lowers it. Pinning is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether CATG actually pins on a given expiration depends on the OI distribution, the gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
How is CATG max pain calculated?: Max pain is computed by summing the dollar value of all in-the-money options at each candidate settlement strike across listed expirations, then selecting the strike that minimizes total intrinsic-value payout to option buyers. The calculation uses the full open-interest distribution and weighs both calls and puts. CATG put/call OI ratio is 0.04 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.