# SAP Max Pain (Strike Pegger)

> SAP max pain chart: the strike where option writers' aggregate liability is minimized, daily and by expiration.

Data as of Nov 11, 2026 (end of day).

Max Pain© analysis: the peg is the strike where call and put writers' aggregate liability is minimized; the target price (bias) is where call and put liability converge.

## SAP quote

| Field | Value |
|---|---|
| Last | 234.10 |
| Change | +0.36 |
| Open | 233.50 |
| Previous | 233.74 |
| High | 234.96 |
| Low | 232.87 |
| Bid | - |
| Ask | - |
| Volume | 1,573,367 |
| Trades | - |
| Dividend | - |
| Yield | - |
| Ex-Div | - |
| Split Date | Jun 27, 2000 |
| Impl Vol | 32.1% |
| Hist Vol | 34.9% |
| Opt Volume | 1,101 |
| Open Int | 77,739 |

Expiration: Nov 13, 2026.

All expirations: 2026-11-13, 2026-11-20, 2026-11-27, 2026-12-04, 2026-12-11, 2026-12-18, 2026-12-24, 2027-01-15, 2027-03-19, 2027-06-17, 2027-09-17, 2027-12-17, 2028-01-21, 2028-06-16, 2028-12-15, 2029-01-19.

Change the view with query parameters: `expiration` (YYYY-MM-DD, the daily history and the by-strike profile), `date` (an earlier session). Example: `/quotes/strike-pegger/SAP.md?expiration=2026-11-13`.

## Daily History — expiration Nov 13, 2026

| Date | Strike Peg | Stock Price | Target Price (bias) | Call OI | Put OI |
|---|---:|---:|---:|---:|---:|
| Nov 11, 2026 | 237.50 | 234.10 | 233.72 | 1,120 | 1,598 |
| Nov 10, 2026 | 237.50 | 233.74 | 235.03 | 1,137 | 867 |
| Nov 9, 2026 | 237.50 | 237.42 | 234.89 | 863 | 773 |
| Nov 6, 2026 | 237.50 | 233.45 | 236.18 | 327 | 390 |
| Nov 5, 2026 | 235.00 | 243.53 | 230.65 | 323 | 314 |
| Nov 4, 2026 | 235.00 | 240.04 | 230.19 | 194 | 313 |
| Nov 3, 2026 | 230.00 | 230.31 | 228.30 | 92 | 198 |
| Nov 2, 2026 | 230.00 | 233.62 | 227.36 | 85 | 194 |
| Oct 30, 2026 | 225.00 | 235.02 | 226.43 | 66 | 191 |
| Oct 29, 2026 | 225.00 | 234.07 | 227.00 | 66 | 179 |
| Oct 28, 2026 | 225.00 | 236.93 | 227.00 | 66 | 179 |
| Oct 27, 2026 | 225.00 | 235.80 | 227.00 | 61 | 179 |
| Oct 26, 2026 | 225.00 | 238.55 | 227.00 | 61 | 177 |
| Oct 23, 2026 | 230.00 | 238.14 | 229.64 | 58 | 176 |

## Open Interest by Strike

**Strike Peg is 237.50, Bias: 233.72** (expiration Nov 13, 2026) — 1.5% above the last price of 234.10; open interest 1.12K calls / 1.60K puts (put/call 1.43).

Net Liability is the call plus put writers' liability if the stock settles at the strike; the peg is its minimum. Showing 16 of 60 strikes: those with open interest within 10% of the last price; the peg uses every strike.

| Strike | Call OI | Put OI | Net Liability |
|---:|---:|---:|---:|
| 212.50 | 0 | 1 | 21,498 |
| 215.00 | 1 | 7 | 18,175 |
| 220.00 | 3 | 24 | 11,570 |
| 225.00 | 4 | 440 | 5,100 |
| 227.50 | 0 | 5 | 2,975 |
| 230.00 | 3 | 742 | 863 |
| 232.50 | 7 | 42 | 613 |
| 235.00 | 15 | 21 | 485 |
| 237.50 | 153 | 40 | 448 |
| 240.00 | 61 | 5 | 893 |
| 242.50 | 69 | 3 | 1,503 |
| 245.00 | 9 | 0 | 2,293 |
| 247.50 | 25 | 0 | 3,105 |
| 250.00 | 169 | 0 | 3,980 |
| 252.50 | 12 | 2 | 5,278 |
| 255.00 | 452 | 0 | 6,610 |

## By Expiration

| Expiration | Strike Peg | Stock Price | Target Price (bias) | Call OI | Put OI |
|---|---:|---:|---:|---:|---:|
| Nov 13, 2026 | 237.50 | 234.10 | 233.72 | 1,120 | 1,598 |
| Nov 20, 2026 | 235.00 | 234.10 | 231.49 | 4,246 | 5,528 |
| Nov 21, 2026 | 235.00 | 234.10 | 231.49 | 4,246 | 5,528 |
| Nov 27, 2026 | 230.00 | 234.10 | 227.69 | 69 | 147 |
| Dec 19, 2026 | 195.00 | 234.10 | 199.50 | 8,298 | 8,856 |
| Jan 16, 2027 | 200.00 | 234.10 | 191.04 | 9,076 | 14,928 |
| Mar 20, 2027 | 200.00 | 234.10 | 196.38 | 3,251 | 3,950 |
| Jun 19, 2027 | 230.00 | 234.10 | 221.41 | 1,267 | 1,016 |
| Sep 18, 2027 | 230.00 | 234.10 | 220.24 | 444 | 359 |
| Jan 22, 2028 | 200.00 | 234.10 | 201.84 | 5,429 | 2,930 |
| Jan 20, 2029 | 210.00 | 234.10 | 184.91 | 268 | 85 |

Max Pain© is a registered trademark. The peg is computed from open interest in the day's option snapshot.

## More for SAP

- [Quote](https://www.optionistics.com/quotes/stock-quotes/SAP.md)
- [Option chain](https://www.optionistics.com/quotes/stock-option-chains/SAP.md)
- [Price history](https://www.optionistics.com/quotes/stock-prices/SAP.md)
- [10 day snapshot](https://www.optionistics.com/snapshot.md?symbol=SAP)
- [Strike Pegger (max pain)](https://www.optionistics.com/quotes/strike-pegger/SAP.md)
- [Volatility skew](https://www.optionistics.com/screener/volatility-skew/SAP.md)
- [Put/call ratio](https://www.optionistics.com/screener/put-call-ratio/SAP.md)
- [Trade finder](https://www.optionistics.com/screener/stock-trade-finder/SAP.md)

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