Max Pain
Strike where option sellers' aggregate loss is minimized at expiry.$320
S = spot · M = max pain · gap is educational distance, not a target
SYK's Max Pain for the 2026-08-21 expiry is $320.0, 0.3% above the current price. As expiration nears (D-31), dealer hedging flows may exert pressure toward this level. Confidence is lower (farther expiry or wider distance) — reference only.
What this doesn't tell you
Does not incorporate news or earnings surprises. Reliability falls with low open interest or distant expiries.