Roundhill Memory ETF (DRAM) 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.
Snapshot as of May 8, 2026.
- Spot Price
- $52.52
- Max Pain Strike
- $43.00
- Total OI
- 458.9K
As of May 8, 2026, Roundhill Memory ETF (DRAM) max pain sits at $43.00, which is below the current spot price of $52.52 (18.1% away). 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 center, not a price target. The pinning effect typically strengthens into expiration as gamma concentrates at high-open-interest strikes.
Learn how max pain is reported and how to read the data →
Frequently asked DRAM max pain analysis questions
- What is the current DRAM max pain strike?
- As of May 8, 2026, Roundhill Memory ETF (DRAM) max pain sits at $43.00, which is 18.1% below the current spot price of $52.52. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target.
- Does DRAM pin to its max pain strike at expiration?
- Pinning is a real but conditional effect. It is strongest in heavily-traded names with large open-interest concentrations at high-OI strikes during the final week of an OPEX cycle. Whether DRAM actually pins on a given expiration depends on the open-interest distribution, the dealer-gamma sign, and the absence of catalyst-driven moves that overwhelm hedging-driven flow.
- How is DRAM 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.