Black Diamond Therapeutics, Inc. (BDTX) 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.
Black Diamond Therapeutics, Inc. (BDTX) operates in the Healthcare sector, specifically the Biotechnology industry, with a market capitalization near $163.9M, listed on NASDAQ, employing roughly 24 people, carrying a beta of 3.35 to the broader market. Black Diamond Therapeutics, Inc. Led by Mark A. Velleca, public since 2020-01-31.
Snapshot as of May 15, 2026.
- Spot Price
- $2.75
- Max Pain Strike
- $5.00
- Total OI
- 22.0K
As of May 15, 2026, Black Diamond Therapeutics, Inc. (BDTX) max pain sits at $5.00, which is above the current spot price of $2.75 (81.8% away). Spot sits 81.8% above max pain - the gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the actual price path before any expiration pull. BDTX is a low-priced underlying (spot $2.75), where $0.50 or finer strike spacing increases the number of viable pin candidates and dampens the dominant-strike effect. Total open interest across the listed chain is comparatively thin (22.0K contracts), so single-strike pinning is less reliable than it is for high-OI names. BDTX is currently in positive dealer gamma ($30.3K), the regime that mechanically reinforces pinning by inducing dealers to buy weakness and sell strength near heavy-OI strikes. 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.
BDTX Strategy Implications at the Current Max Pain Level
With spot 81.8% from the $5.00 max-pain level and Black Diamond Therapeutics, Inc. in a positive-gamma regime, where dealer hedging mechanically pulls spot toward heavy-OI strikes, 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 BDTX max pain analysis questions
- What is the current BDTX max pain strike?
- As of May 15, 2026, Black Diamond Therapeutics, Inc. (BDTX) max pain sits at $5.00, which is 81.8% above the current spot price of $2.75. 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 81.8% gap is wide enough that the pinning effect alone is unlikely to close it; expect catalyst flow, positioning unwinds, or rebalancing to drive the price path before any expiration pull.
- Does BDTX pin to its max pain strike at expiration?
- BDTX is currently in positive dealer gamma, the regime that mechanically reinforces pinning. Dealers hedging long-gamma books buy weakness and sell strength near high-OI strikes, which pulls spot toward those levels into expiration. Total open interest across BDTX (22.0K 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 BDTX 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 BDTX 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. BDTX put/call OI ratio is 0.14 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.