What is the current JPM max pain strike?

As of Oct 29, 2026, JPMorgan Chase & Co. (JPM) max pain sits at $340.00, which is 0.9% below the current spot price of $343.26. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. At a 0.9% distance, JPM sits inside the band where hedging, if long gamma sits at the high-OI strikes, can pull spot toward max pain during the closing week of the expiration cycle.

Does JPM pin to its max pain strike at expiration?

The assumed dealer book's GEX on JPM 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 JPM (637.3K 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 JPM 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 JPM 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. JPM put/call OI ratio is 1.09 - balanced, so the max-pain calculation reflects the strike where the call and put OI distributions cross rather than a single dominant side.

JPMorgan Chase & Co. (JPM) 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.

JPMorgan Chase & Co. (JPM) operates in the Financial Services sector, specifically the Banks - Diversified industry, with a market capitalization near $913.30B, listed on NYSE, employing roughly 320,560 people, carrying a beta of 1.01 to the broader market. JPMorgan Chase & Co. Led by Jamie Dimon, public since 1980-03-17.

Snapshot as of Oct 29, 2026.

Spot Price: $343.26
Max Pain Strike: $340.00
Total OI: 637.3K

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, JPMorgan Chase & Co. (JPM) max pain sits at $340.00, which is below the current spot price of $343.26 (0.9% away). Spot sits within 2% of the max-pain level for JPMorgan Chase & Co., the band where hedging around the high-OI strikes, if long gamma sits there, can reinforce a closing-week pin. JPM trades in the standard mid-price band (spot $343.26), with listed strikes typically $1-$5 apart and balanced single-leg vs multi-leg flow. Total open interest across the listed chain (637.3K contracts) is healthy but not dominant; pinning effects can show but are not guaranteed. The assumed dealer book's GEX on JPM is positive ($179.7M 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.

JPM Strategy Implications at the Current Max Pain Level

With spot effectively pinned the $340.00 max-pain level and JPMorgan Chase & Co. 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 JPM max-pain chart

The open-interest histogram shows where JPMorgan Chase & Co. 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. Spot is essentially pinned to the max-pain strike at $340.00, a configuration that can persist into expiration where long gamma sits at the strike. The assumed dealer book's GEX is positive at $179.7M of delta per 1% move, so its hedging sells rallies and buys dips, dampening realized volatility where real dealers are positioned like the book.

JPM 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 20.9%), and any catalyst risk on the calendar. Total listed OI on JPM sits at 637.3K 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 JPM 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 JPM is positive, so a pull toward heavy strikes it is long gamma at is possible where real dealers are positioned like it. The put/call OI ratio sits at 1.01; ratios above 1.0 mean put-heavy open interest, which under the assumed book weighs GEX toward negative, and ratios below 0.7 call-heavy open interest, which weighs it toward positive. 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 →

JPM highest open-interest contracts

Type	Strike	Expiration	Volume	OI	IV	Bid	Ask
CALL	$345.00	Oct 30, 2026	1.1K	2.7K	22.8%	$0.88	$1.05

Top 1 contracts from the institutional-grade nightly options scan; ranked by oi within the broader S&P 500/400/600 + ETF universe.

Frequently asked JPM max pain analysis questions

What is the current JPM max pain strike?: As of Oct 29, 2026, JPMorgan Chase & Co. (JPM) max pain sits at $340.00, which is 0.9% below the current spot price of $343.26. Max pain identifies the strike at which aggregate option-buyer payouts at expiration are minimized; it is a gravitational reference, not a price target. At a 0.9% distance, JPM sits inside the band where hedging, if long gamma sits at the high-OI strikes, can pull spot toward max pain during the closing week of the expiration cycle.
Does JPM pin to its max pain strike at expiration?: The assumed dealer book's GEX on JPM 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 JPM (637.3K 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 JPM 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 JPM 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. JPM put/call OI ratio is 1.09 - balanced, so the max-pain calculation reflects the strike where the call and put OI distributions cross rather than a single dominant side.