Deribit Max Pain BTC: Max Pain Strike Chart
Max Pain is the strike where Deribit options holders lose the most at expiry. Below is how to read the BTC max pain chart, what pain points are, and how to factor the level into trading.
What is Max Pain on Deribit
Max Pain is the price at which total payouts across all open calls and puts are minimized at expiry, and options holders lose the most. It is the strike with the lowest aggregate intrinsic value of open interest.
Max pain chart and BTC pain points
A max pain chart plots holder "pain" — total payouts — per strike. The minimum of the curve is Max Pain, while surrounding local minima are often called pain points: zones BTC price may gravitate toward into expiry.
Using Max Pain into expiry
If BTC trades well above or below Max Pain, a drift toward that strike is possible into expiry — a statistical tendency, not a guarantee. Read it alongside GEX, the Gamma Flip and the Call/Put Walls.
In Crypto Metrics Pro, Max Pain is computed from Deribit options open interest and shown on the GEX Terminal chart next to the other levels.
Glossary terms
FAQ
It is the strike where total BTC options payouts are minimized at expiry and options holders lose the most.
There is a statistical tendency to drift toward Max Pain into expiry, but it is not guaranteed — use it with GEX and the Gamma Flip.
See BTC and ETH levels live in the GEX Terminal module.
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Information is for analytical and educational purposes only and does not constitute investment advice. Cryptocurrency trading carries high risk.