O-I Glass, Inc. (OI) 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.
O-I Glass, Inc. (OI) operates in the Consumer Cyclical sector, specifically the Packaging & Containers industry, with a market capitalization near $1.49B, listed on NYSE, employing roughly 21,000 people, carrying a beta of 0.65 to the broader market. O-I Glass, Inc. Led by Gordon J. Hardie, public since 1991-12-11.
Snapshot as of Jun 30, 2026.
- Spot Price
- $9.65
- Max Pain Strike
- $9.00
- Total OI
- 38.0K
As of Jun 30, 2026, O-I Glass, Inc. (OI) max pain sits at $9.00, which is below the current spot price of $9.65 (6.7% away). Spot sits 6.7% below 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. OI is a low-priced underlying (spot $9.65), 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 (38.0K contracts), so single-strike pinning is less reliable than it is for high-OI names. OI is currently in positive dealer gamma ($274.7K), 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.
OI Strategy Implications at the Current Max Pain Level
With spot 6.7% from the $9.00 max-pain level and O-I Glass, 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.
How to read the OI max-pain chart
The open-interest histogram above shows where O-I Glass, Inc. call and put writers have stacked the most inventory. Strikes with elevated call OI act as overhead resistance when dealers are long-gamma (they sell rallies into the wall); strikes with elevated put OI act as support (dealers buy dips toward the wall). 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 $9.00, 6.7% below spot. Net dealer gamma is positive at $274.7K, so as spot moves dealers sell rallies and buy dips, mechanically dampening realized volatility.
OI 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 57.5%), and any catalyst risk on the calendar. Total listed OI on OI sits at 38.0K 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 OI max-pain alongside dealer positioning
The clean version of the max-pain mechanism requires positive dealer gamma to enforce convergence; in a negative-gamma regime the same OI distribution can repel rather than attract spot. OI is currently in a positive-gamma regime, so the max-pain pull mechanic is structurally active. The put/call OI ratio sits at 0.10; ratios above 1.0 indicate put-heavy positioning that typically marks supportive flow, ratios below 0.7 indicate call-heavy positioning often associated with breakouts. Combine the pin level with the gamma-flip level 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 →
OI highest open-interest contracts
| Type | Strike | Expiration | Volume | OI | IV | Bid | Ask |
|---|---|---|---|---|---|---|---|
| CALL | $10.00 | Dec 18, 2026 | 2 | 18.6K | 59.9% | $1.35 | $1.55 |
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 OI max pain analysis questions
- What is the current OI max pain strike?
- As of Jun 30, 2026, O-I Glass, Inc. (OI) max pain sits at $9.00, which is 6.7% below the current spot price of $9.65. 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 6.7% 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 OI pin to its max pain strike at expiration?
- OI 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 OI (38.0K 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 OI 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 OI 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. OI put/call OI ratio is 0.10 - call-heavy, which biases the max-pain calculation toward strikes above current spot when the call OI concentrates there.