This page reflects BTU options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — BTU
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-09 shows max pain at $25.00 (0.19 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$25.00
Nearest expiry
Expected Move
±$1.41
±5.7%
Days to Expiry
7
Calendar days
Total Call OI
1,287
Nearest expiry
Total Put OI
1,834
Nearest expiry
P/C OI Ratio
1.43
Put-heavy
Spot Price
$24.81
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-09
Expiration
Max Pain Strike
Last Updated
2026-09-25
$28.00
9/25/2026, 11:03:35 PM
2026-10-02Updated
$25.50
10/2/2026, 11:06:51 PM
2026-10-09Next
$25.00
10/2/2026, 11:06:51 PM
2026-10-16
$25.50
10/2/2026, 11:06:51 PM
2026-10-23
$27.00
10/2/2026, 11:06:51 PM
2026-10-30
$26.00
10/2/2026, 11:06:51 PM
2026-11-06
$25.50
10/2/2026, 11:06:51 PM
2026-11-20
$28.00
10/2/2026, 11:06:51 PM
2026-12-18
$28.00
10/2/2026, 11:06:51 PM
2027-01-15
$24.00
10/2/2026, 11:06:51 PM
2027-04-16
$26.00
10/2/2026, 11:06:51 PM
Selected expiration: 2026-10-09 at max pain $25.00.
BTU pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
1473950
1473950
19
0
754750
754750
20
0
578550
578550
21
0
406050
406050
21.5
0
327000
327000
22
0
249100
249100
22.5
0
178600
178600
23
0
108900
108900
23.5
2350
61800
64150
24
4850
24600
29450
24.5
8050
16350
24400
25
11850
10700
22550
25.5
17000
7000
24000
26
28100
4400
32500
26.5
40650
3050
43700
27
56000
2000
58000
27.5
78150
1350
79500
28
111850
750
112600
28.5
149400
250
149650
29
187250
0
187250
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.