Max Pain Divergence: IV-Normalized Distance from Max Pain
As of June 8, 2026 (end-of-day snapshot). Pages update daily after the market close.
Where spot has drifted farthest from max pain, normalized by the front-expiration implied move so the signal is comparable across tickers with very different volatility levels. |Z| above 1 is meaningful; above 2 is extreme. Positive Z = spot above max pain; negative Z = below. Treat this as a regime-level signal, not a single-trade trigger. Persistent divergence can accompany negative-gamma regimes and elevated realized volatility, though the relationship is empirical rather than mechanical.
Top 50 by Divergence (σ)
The live divergence leaderboard loads after the page hydrates. Rows are ranked by the absolute value of the IV-normalized Z-score (spot minus max pain, normalized by the front-expiration implied move), with a minimum-OI liquidity floor.
Methodology
Sourced from daily end-of-day institutional-grade options market data snapshots. Eligibility: total open interest ≥ 50,000, spot ≥ $5, front-expiration days-to-expiry between 7 and 60. Z-score = (spot − max pain) / (spot × 30-day ATM IV × √(front DTE / 252)), the ratio of the raw spot-minus-max-pain gap to the front-expiration implied move. Ranked by absolute Z descending. Updated daily after market close.
Frequently Asked Questions
Why normalize by implied volatility?
Raw "% distance from max pain" is meaningless across tickers: a 2% gap on TSLA is noise (the implied move is much larger), while a 2% gap on SPY is huge (the implied move is much smaller). Normalizing the gap by the front-expiration implied move expresses the distance in standard-deviation units, which makes the comparison meaningful across the whole universe. A Z-score of 1.5 means the same thing on a high-vol stock and on a low-vol index: both are 1.5 standard deviations away from where dealer-hedging-minimized P/L would land at the front expiration.
Is a large divergence bullish or bearish?
Neither directly. A large divergence means spot has moved a long way from where dealer-hedging-minimized P/L would land. It often accompanies trending moves and negative-gamma regimes where hedging amplifies direction. Some traders fade extreme divergence expecting mean reversion; others use it as a confirmation signal for the direction already in force. The screener surfaces the signal; the interpretation depends on the rest of your framework. Pair it with the gamma-exposure leaderboard and the GEX regime to disambiguate: extreme divergence in a negative-GEX regime is a different setup from extreme divergence in positive GEX.
Does this work on ETFs?
Yes. ETFs including SPY, QQQ, HYG, and IWM appear alongside single stocks in the rankings. ETF routing is handled so the deep links land on /etf/:ticker instead of /stocks/:ticker. The same Z-score normalization applies, so an SPY divergence Z-score is directly comparable to an AAPL or NVDA Z-score even though their absolute IV levels differ substantially. Bond ETFs (TLT, IEF, LQD, HYG) use the same methodology and surface alongside equities; they often show up during macro-event windows.
How is divergence different from gamma exposure?
GEX measures the dealer gamma position (how hedging flows will behave if spot moves from here). Divergence measures how far spot has already moved from the OI-minimizing strike. They are complementary signals: GEX is forward-looking ("if spot moves another 1%, dealers will need to do X"), divergence is backward-looking ("spot has already drifted N standard deviations from where dealer P/L is minimized"). A negative-GEX regime with wide max-pain divergence is a much more volatile setup than either signal alone, and the combination often precedes the largest realized vol expansions.
How fresh is the data on this screener?
All public screener data refreshes once per trading day after the 4:00 PM ET market close, typically available by 5:30 PM ET. The platform uses end-of-day OPRA aggregates which are licensed for free public display. Authenticated API-tier users with their own Tradier or tastytrade BYOK credentials can pull intraday data through the streaming endpoints.
Where does the underlying data come from?
End-of-day OPRA aggregates for the options data, exchange-published stock prices for the spot reference, and a calibrated implied-volatility surface computed from the listed chain. Ranking metrics like IV rank, GEX, and unusual-activity counts are computed nightly from these primary inputs. Methodology details are in each screener's "How it's computed" section above.
Are these stocks recommended trades?
No. The screener is a ranked list of names that meet a quantitative filter at the close of the prior trading session, a research starting point, not a buy or sell signal. Whether any name on the list represents a tradeable opportunity depends on the underlying catalyst, your strategy, current market context, and risk tolerance. The platform does not give trade advice; the lists are descriptive, not prescriptive.
How often does the ranking change?
The ranking refreshes every trading day after the close. Names move on and off the list as their underlying metric (IV rank, gamma exposure, volume, etc.) crosses thresholds. Most screeners show meaningful day-over-day churn at the top of the list during active markets and lower turnover during low-volatility regimes. The "biggest change" screeners specifically target fast-moving names.
Is the screener tradeable in real-time during market hours?
The screener itself ranks on end-of-day data. To trade names on the list during market hours, use your own broker's real-time chain data; the platform's per-ticker pages link directly to real-time chains for authenticated users. The screener's job is to surface the universe of candidates that met yesterday's filter; the trade decision uses live data.
Can I export the ranked list?
Pro and API tier users can export rankings via the API (REST endpoint per screener slug returns a JSON list with all metric columns) or pull them programmatically through the Python SDK. Free users have the full ranking visible on the page; programmatic access requires authentication. Daily snapshots are also available for backtesting research through the API tier.