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Max Pain is the settlement price that inflicts maximum aggregate loss on option buyers: for each candidate strike S, sum call intrinsic value max(S−K,0)×OI plus put intrinsic value max(K−S,0)×OI, and take the S minimizing the total.

Near large expiries (especially quarterlies), spot often gravitates toward max pain. The pull weakens far from expiry — weigh it by the expiry's total open interest.