This page reflects AX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Jul 2, 2026 close
Max Pain — AX
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $87.50 (10.40 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$87.50
Nearest expiry
Expected Move
±$4.70
±4.8%
Days to Expiry
15
Calendar days
Total Call OI
305
Nearest expiry
Total Put OI
390
Nearest expiry
P/C OI Ratio
1.28
Put-heavy
Spot Price
$97.90
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$85.00
5/15/2026, 11:06:34 PM
2026-06-18
$90.00
6/18/2026, 11:05:30 PM
2026-07-17NextUpdated
$87.50
7/3/2026, 11:05:08 PM
2026-08-21
$85.00
7/3/2026, 11:05:08 PM
2026-10-16
$90.00
7/3/2026, 11:05:08 PM
2027-01-15
$80.00
7/3/2026, 11:05:08 PM
Selected expiration: 2026-07-17 at max pain $87.50.
AX pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
1014500
1014500
47.5
0
798500
798500
50
0
726750
726750
55
500
583250
583750
60
4500
439750
444250
65
10000
297250
307250
67.5
14250
248750
263000
70
18750
200500
219250
72.5
23250
164750
188000
75
28250
129250
157500
77.5
33250
93750
127000
80
38250
59000
97250
82.5
43500
41750
85250
85
49500
29000
78500
87.5
56750
19000
75750
90
67500
11250
78750
92.5
83000
7250
90250
95
100500
3250
103750
97.5
147500
0
147500
100
197000
0
197000
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.