Banco Santander-Chile (BSAC) 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 Santander-Chile (BSAC) operates in the Financial Services sector, specifically the Banks - Regional industry, with a market capitalization near $14.84B, listed on NYSE, employing roughly 8,526 people, carrying a beta of 0.23 to the broader market. Banco Santander-Chile, along with its affiliated entities, operates as a prominent financial institution in Chile, delivering a comprehensive array of commercial and retail banking solutions. Led by Andrés Trautmann Buc, public since 1994-10-31.
Snapshot as of Oct 29, 2026.
- Spot Price
- $31.38
- Total OI
- 6
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.
How to read the BSAC max-pain chart
The open-interest histogram shows where Banco Santander-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 assumed dealer book's GEX is positive at $48 of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book.
BSAC 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, and any catalyst risk on the calendar. Total listed OI on BSAC sits at 6 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 BSAC 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 BSAC 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.