# SPAX Max Pain (Strike Pegger)

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

Data as of Nov 10, 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.

## SPAX quote

| Field | Value |
|---|---|
| Last | 8.50 |
| Change | +0.10 |
| Open | 8.05 |
| Previous | 8.40 |
| High | 8.72 |
| Low | 7.86 |
| Bid | - |
| Ask | - |
| Volume | 2,092,365 |
| Trades | - |
| Dividend | - |
| Yield | - |
| Ex-Div | - |
| Split Date | - |
| Impl Vol | 128.5% |
| Hist Vol | 137.3% |
| Opt Volume | 499 |
| Open Int | 7,668 |

Expiration: Nov 20, 2026.

All expirations: 2026-11-20, 2026-12-18, 2027-01-15, 2027-04-16.

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/SPAX.md?expiration=2026-11-20`.

## Daily History — expiration Nov 20, 2026

| Date | Strike Peg | Stock Price | Target Price (bias) | Call OI | Put OI |
|---|---:|---:|---:|---:|---:|
| Nov 10, 2026 | 10.00 | 8.50 | 9.60 | 1,367 | 1,346 |
| Nov 9, 2026 | 10.00 | 8.40 | 9.55 | 1,398 | 1,351 |
| Nov 6, 2026 | 10.00 | 7.51 | 9.54 | 1,415 | 1,345 |
| Nov 5, 2026 | 10.00 | 6.39 | 9.70 | 1,326 | 1,340 |
| Nov 4, 2026 | 10.00 | 7.83 | 9.83 | 1,297 | 1,307 |
| Nov 3, 2026 | 10.00 | 8.48 | 9.83 | 1,302 | 1,310 |
| Nov 2, 2026 | 10.00 | 7.95 | 9.85 | 1,183 | 1,306 |
| Oct 30, 2026 | 10.00 | 7.74 | 9.89 | 1,164 | 1,296 |

## Open Interest by Strike

**Strike Peg is 10.00, Bias: 9.60** (expiration Nov 20, 2026) — 17.6% above the last price of 8.50; open interest 1.37K calls / 1.35K puts (put/call 0.98).

Net Liability is the call plus put writers' liability if the stock settles at the strike; the peg is its minimum. Showing 17 of 21 strikes: those with open interest; the peg uses every strike.

| Strike | Call OI | Put OI | Net Liability |
|---:|---:|---:|---:|
| 2.00 | 0 | 10 | 9,519 |
| 4.00 | 0 | 19 | 6,847 |
| 5.00 | 0 | 4 | 5,530 |
| 6.00 | 24 | 9 | 4,217 |
| 7.00 | 48 | 82 | 2,937 |
| 8.00 | 174 | 371 | 1,787 |
| 9.00 | 82 | 345 | 1,182 |
| 10.00 | 181 | 337 | 1,004 |
| 11.00 | 426 | 30 | 1,344 |
| 12.00 | 140 | 133 | 2,140 |
| 13.00 | 52 | 1 | 3,209 |
| 14.00 | 167 | 2 | 4,331 |
| 15.00 | 26 | 1 | 5,622 |
| 16.00 | 34 | 0 | 6,940 |
| 17.00 | 3 | 0 | 8,292 |
| 20.00 | 10 | 0 | 12,357 |
| 21.00 | 0 | 2 | 13,722 |

## By Expiration

| Expiration | Strike Peg | Stock Price | Target Price (bias) | Call OI | Put OI |
|---|---:|---:|---:|---:|---:|
| Nov 20, 2026 | 10.00 | 8.50 | 9.60 | 1,367 | 1,346 |
| Nov 21, 2026 | 10.00 | 8.50 | 9.60 | 1,367 | 1,346 |
| Dec 19, 2026 | 10.00 | 8.50 | 9.84 | 125 | 201 |
| Jan 16, 2027 | 9.00 | 8.50 | 9.93 | 3,144 | 560 |
| Apr 17, 2027 | 9.00 | 8.50 | 8.49 | 716 | 209 |

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

## More for SPAX

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

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