Expand Energy Corporation (EXE) 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.
Expand Energy Corporation (EXE) operates in the Energy sector, specifically the Oil & Gas Exploration & Production industry, with a market capitalization near $22.88B, listed on NASDAQ, employing roughly 1,500 people, carrying a beta of 0.35 to the broader market. Expand Energy Corporation operates as an independent exploration and production company in the United States. Led by Michael A. Wichterich, public since 2021-02-10.
Snapshot as of May 15, 2026.
- Spot Price
- $96.60
- Max Pain Strike
- $100.00
- Total OI
- 220.1K
As of May 15, 2026, Expand Energy Corporation (EXE) max pain sits at $100.00, which is above the current spot price of $96.60 (3.5% away). Spot sits 3.5% 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. EXE sits in the lower-price band (spot $96.60), 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 (220.1K contracts) is healthy but not dominant; pinning effects can show but are not guaranteed. EXE is currently in negative dealer gamma (-$7.8M), a regime that amplifies directional moves rather than damping them, weakening the pin-toward-max-pain bias. 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.
EXE Strategy Implications at the Current Max Pain Level
With spot 3.5% from the $100.00 max-pain level and Expand Energy Corporation in a negative-gamma regime, where dealer hedging amplifies directional moves and weakens any pin, 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 EXE max pain analysis questions
- What is the current EXE max pain strike?
- As of May 15, 2026, Expand Energy Corporation (EXE) max pain sits at $100.00, which is 3.5% above the current spot price of $96.60. 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 3.5% 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 EXE pin to its max pain strike at expiration?
- EXE is currently in negative dealer gamma, a regime that amplifies directional moves rather than damping them. The pin-toward-max-pain bias weakens here because dealer hedging adds momentum rather than mean reversion. Total open interest across EXE (220.1K 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 EXE 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 EXE 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. EXE put/call OI ratio is 2.34 - put-heavy, which biases the max-pain calculation toward strikes below current spot when the put OI concentrates there.