Max Pain Pinning Candidates: Spot Near Max Pain + Concentrated Gamma

As of June 12, 2026 (end-of-day snapshot). Pages update daily after the market close.

Liquid names where spot is currently close to the front-month max-pain strike AND dealer gamma is concentrated across relatively few strikes on that chain. The combination can create pinning pressure around the max-pain level, which is the mechanism behind the pinning effect. The pinning effect is conditionally real (strongest on high-OI index ETFs in the final days before expiration, weaker or absent elsewhere) so treat these as candidate setups, not guaranteed pins.

Top 50 by Pin Score

The live pin-candidate leaderboard loads after the page hydrates. Rows are ranked by a composite of chain-wide gamma concentration × total OI divided by the spot-to-max-pain gap, filtered to liquid names where spot sits within ±2% of the front-month max-pain strike.

Methodology

Sourced from daily end-of-day institutional-grade options market data snapshots. Eligibility: total open interest ≥ 100,000 contracts, spot ≥ $5, spot within ±2% of the front-month max-pain strike, front-expiration days-to-expiry ≤ 45 (typically the front monthly expiration at ~27–45 DTE), and chain-wide gamma concentration ≥ 0.10. Ranked by a composite score = (gamma concentration × total open interest) divided by the spot-to-max-pain gap (floored at 1% to avoid divide-by-near-zero). Important nuance: the gamma-concentration field is a Herfindahl-Hirschman Index (HHI) computed over the full by-strike distribution of |net gamma| across the whole chain, not the specific share of gamma sitting at or near max pain. So this screener identifies "spot near max pain" co-occurring with "globally concentrated gamma on the chain", not "gamma piled exactly at max pain." That distinction matters: the signal is circumstantial, not structurally causal. Updated daily after market close.

Frequently Asked Questions

Is max pain pinning a real effect?

Conditionally. The pinning effect is strongest on high-OI index ETFs (SPY, QQQ, IWM, DIA) in the final days before a monthly expiration when dealer hedging flows are concentrated and predictable. It is weaker or absent on lower-liquidity single names where dealer hedging is a smaller share of total order flow. The screener filters for the conditions most correlated with pinning pressure (concentrated chain-wide gamma + spot near max pain + meaningful liquidity) but does not guarantee an individual pin will occur. Pin trades are still trades that need conviction, sizing, and exit discipline.

What is a pin trade?

A pin trade is a position structured to profit if the underlying closes near a specific strike at expiration. Iron flies (sell an ATM straddle, buy protective wings) and long butterflies are the standard retail-accessible structures. All pin trades carry a defined maximum loss equal to the debit paid (or the spread minus the credit collected on the iron fly), and they benefit from declining implied volatility into expiration as the event-premium component of the inner strikes contracts faster than the wings. Sizing matters: pin trades pay out a multiple of risk only if the underlying closes within a narrow band.

What exactly does the gamma-concentration metric measure?

It is the Herfindahl-Hirschman Index (HHI) of |net gamma| across all strikes on the chain, effectively, how few strikes the gamma is piled into. A high value means the chain's gamma is dominated by a small number of strikes (concentrated positioning); a low value means gamma is spread across many strikes (diffuse positioning). This metric does NOT isolate gamma sitting at the max-pain strike specifically; that is a different calculation. The screener uses HHI as a proxy: when spot is near max pain AND the chain has concentrated gamma somewhere, pinning pressure is more likely to be structurally present than when gamma is diffuse.

Does this include weekly expirations?

No. The persistent daily snapshot projects to the front monthly expiration (typically 27–45 DTE). The methodology was tuned for monthly-expiration pinning behavior, which is the dominant pin-effect setup. For weekly-expiration pin analysis, use the per-ticker options chain page directly near expiration; weekly pins do happen but operate on shorter timelines (single-day unwinds rather than week-long) and need real-time chain reads rather than the EOD snapshot this screener is built on.

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.