This page reflects AX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 5, 2026 close
Max Pain — AX
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $95.00 (6.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$95.00
Nearest expiry
Expected Move
±$4.40
±5.0%
Days to Expiry
11
Calendar days
Total Call OI
344
Nearest expiry
Total Put OI
268
Nearest expiry
P/C OI Ratio
0.78
Put-heavy
Spot Price
$88.51
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$87.50
8/21/2026, 11:05:34 PM
2026-09-18
$100.00
9/18/2026, 11:05:41 PM
2026-10-16NextUpdated
$95.00
10/5/2026, 11:04:51 PM
2026-11-20
$90.00
10/5/2026, 11:04:51 PM
2027-01-15
$80.00
10/5/2026, 11:04:51 PM
2027-04-16
$80.00
10/5/2026, 11:04:51 PM
Selected expiration: 2026-10-16 at max pain $95.00.
AX pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
55
0
895750
895750
60
3000
761750
764750
65
6000
638750
644750
70
9500
515750
525250
75
13000
393750
406750
77.5
14750
333250
348000
80
16500
273000
289500
82.5
20500
218250
238750
85
24500
164000
188500
87.5
29000
114250
143250
90
34000
74250
108250
92.5
42500
35500
78000
95
63250
250
63500
97.5
94000
0
94000
100
125750
0
125750
105
203250
0
203250
110
327250
0
327250
115
468750
0
468750
120
610250
0
610250
125
752250
0
752250
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.