Global X - DAX Germany ETF (DAX) 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.
Global X - DAX Germany ETF (DAX) operates in the Financial Services sector, specifically the Asset Management - Global industry, with a market capitalization near $312.1M, listed on NASDAQ, carrying a beta of 1.09 to the broader market. The Global X DAX Germany ETF (DAX) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the DAX Index. public since 2014-10-23.
Snapshot as of May 15, 2026.
- Spot Price
- $43.91
- Max Pain Strike
- $44.00
- Total OI
- 679
As of May 15, 2026, Global X - DAX Germany ETF (DAX) max pain sits at $44.00, which is essentially at the current spot price of $43.91 (0.2% away). Spot is essentially pinned to max pain right now; the gravitational center and the actual price coincide, the regime where end-of-cycle pinning is mechanically most plausible. DAX sits in the lower-price band (spot $43.91), where $0.50-$2.50 strike spacing makes pin-to-strike effects easy to spot but per-contract dollar gamma is smaller. Total open interest across the listed chain is comparatively thin (679 contracts), so single-strike pinning is less reliable than it is for high-OI names. DAX is currently in negative dealer gamma (-$51.0K), a regime that amplifies directional moves rather than damping them, weakening the pin-toward-max-pain bias. 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.
DAX Strategy Implications at the Current Max Pain Level
With spot effectively pinned the $44.00 max-pain level and Global X - DAX Germany ETF in a negative-gamma regime, where dealer hedging amplifies directional moves and weakens any pin, strategy selection turns on cycle position and dealer positioning. 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 per-strike dealer book that determines whether hedging will reinforce or fight the pin.
Learn how max pain is reported and how to read the data →
Frequently asked DAX max pain analysis questions
- What is the current DAX max pain strike?
- As of May 15, 2026, Global X - DAX Germany ETF (DAX) max pain sits at $44.00, which is 0.2% above the current spot price of $43.91. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. DAX is essentially pinned right now - the gravitational center and the actual price coincide.
- Does DAX pin to its max pain strike at expiration?
- DAX is currently in negative dealer gamma, a regime that amplifies directional moves rather than damping them. The pin-toward-max-pain bias weakens here because dealer hedging adds momentum rather than mean reversion. Total open interest across DAX (679 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 DAX actually pins on a given expiration depends on the OI distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
- How is DAX 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. DAX put/call OI ratio is 3.59 - put-heavy, which biases the max-pain calculation toward strikes below current spot when the put OI concentrates there.