This page reflects BTDR 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 — BTDR
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-10 shows max pain at $15.50 (1.65 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.50
Nearest expiry
Expected Move
±$2.12
±15.3%
Days to Expiry
8
Calendar days
Total Call OI
39,499
Nearest expiry
Total Put OI
4,111
Nearest expiry
P/C OI Ratio
0.10
Put-heavy
Spot Price
$13.85
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-10
Expiration
Max Pain Strike
Last Updated
2026-06-26
$16.50
6/26/2026, 11:07:02 PM
2026-07-02
$16.50
7/2/2026, 11:08:04 PM
2026-07-10NextUpdated
$15.50
7/3/2026, 11:04:27 PM
2026-07-17
$15.00
7/3/2026, 11:04:27 PM
2026-07-24
$16.50
7/3/2026, 11:04:27 PM
2026-07-31
$15.00
7/3/2026, 11:04:27 PM
2026-08-07
$17.00
7/3/2026, 11:04:27 PM
2026-08-21
$17.00
7/3/2026, 11:04:27 PM
2026-09-18
$12.50
7/3/2026, 11:04:27 PM
2026-12-18
$15.00
7/3/2026, 11:04:27 PM
2027-01-15
$12.50
7/3/2026, 11:04:27 PM
Selected expiration: 2026-07-10 at max pain $15.50.
BTDR pain by strike for 2026-07-10 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
3686050
3686050
8
1800
2452750
2454550
9
2700
2041650
2044350
10
4200
1630650
1634850
10.5
4950
1425350
1430300
11
5700
1220600
1226300
11.5
11500
1021700
1033200
12
17300
852350
869650
12.5
28050
689600
717650
13
38800
557300
596100
13.5
49550
445750
495300
14
60550
341550
402100
14.5
71600
248650
320250
15
83200
158050
241250
15.5
98600
87650
186250
16
119900
70850
190750
16.5
183050
58600
241650
17
252450
49400
301850
17.5
331250
41050
372300
18
413250
33400
446650
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.