What is the current BCH max pain strike?

As of Oct 29, 2026, Banco de Chile (BCH) max pain sits at $40.00, which is 4.6% above the current spot price of $38.25. 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 4.6% gap is close enough that a routine end-of-cycle gamma roll could pull spot toward the level, but far enough that catalyst-driven flow typically dominates.

Does BCH pin to its max pain strike at expiration?

The assumed dealer book's GEX on BCH 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 BCH (1.1K 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 BCH 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 BCH 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. BCH put/call OI ratio is 0.01 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.

Banco de Chile (BCH) 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.

Banco de Chile (BCH) operates in the Financial Services sector, specifically the Banks - Regional industry, with a market capitalization near $19.33B, listed on NYSE, employing roughly 11,156 people, carrying a beta of 0.12 to the broader market. Operating across Chile, Banco de Chile (BCH) and its subsidiaries offer a wide array of banking and financial products and services to customers throughout the country. Led by Eduardo Ebensperger Orrego, public since 2002-08-02.

Snapshot as of Oct 29, 2026.

Spot Price: $38.25
Max Pain Strike: $40.00
Total OI: 1.1K

Exposures are the assumed dealer book as of Oct 29, 2026, all expirations. 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 Oct 29, 2026, Banco de Chile (BCH) max pain sits at $40.00, which is above the current spot price of $38.25 (4.6% away). Spot sits 4.6% above max pain - close enough that a routine end-of-cycle gamma roll could pull price toward the level, but far enough that catalyst-driven flow would dominate. BCH sits in the lower-price band (spot $38.25), 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 (1.1K contracts), so single-strike pinning is less reliable than it is for high-OI names. The assumed dealer book's GEX on BCH is positive ($160.8K 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.

BCH Strategy Implications at the Current Max Pain Level

With spot 4.6% from the $40.00 max-pain level and Banco de Chile 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 BCH max-pain chart

The open-interest histogram shows where Banco de Chile 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 $40.00, 4.6% above spot. The assumed dealer book's GEX is positive at $160.8K of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book.

BCH 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 28.5%), and any catalyst risk on the calendar. Total listed OI on BCH sits at 1.1K 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 BCH 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 BCH is positive, so a pull toward heavy strikes it is long gamma at is possible where real dealers are positioned like it. 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 BCH max pain analysis questions

What is the current BCH max pain strike?: As of Oct 29, 2026, Banco de Chile (BCH) max pain sits at $40.00, which is 4.6% above the current spot price of $38.25. 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 4.6% gap is close enough that a routine end-of-cycle gamma roll could pull spot toward the level, but far enough that catalyst-driven flow typically dominates.
Does BCH pin to its max pain strike at expiration?: The assumed dealer book's GEX on BCH 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 BCH (1.1K 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 BCH 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 BCH 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. BCH put/call OI ratio is 0.01 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.