Pinning

Pinning is the tendency of a stock to close near a heavily traded option strike at expiry, produced by hedging flows. Ordinary pinning is a mechanical effect; deliberately trading to force it is manipulation.

manipulation techniques · updated 2026-11-06

Where does pinning come up?

This term is used in the following manipulation techniques, each explained in full on its own page.

• Options expiry pinning — Options expiry pinning is trading to hold a share price at or across an option strike at expiry, exploiting the fact that a few cents of movement decides whether large positions pay out or expire worthless.

See also

• Settlement price — The settlement price is the official end-of-session price used to mark positions, calculate margin and settle expiring contracts. …
• Gamma hedging — Gamma hedging is the continual adjustment of a delta hedge as the underlying price moves. In aggregate it mechanically dampens or …

Terms that refer here

Gamma hedging · Option · Strike price

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