This page reflects BTU 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 — BTU
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-10 shows max pain at $23.50 (1.20 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.50
Nearest expiry
Expected Move
±$0.79
±3.6%
Days to Expiry
8
Calendar days
Total Call OI
1,094
Nearest expiry
Total Put OI
1,179
Nearest expiry
P/C OI Ratio
1.08
Put-heavy
Spot Price
$22.30
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
$23.50
6/26/2026, 11:06:42 PM
2026-07-02
$23.00
7/2/2026, 11:07:00 PM
2026-07-10NextUpdated
$23.50
7/3/2026, 11:07:03 PM
2026-07-17
$25.00
7/3/2026, 11:07:03 PM
2026-07-24
$24.00
7/3/2026, 11:07:03 PM
2026-07-31
$25.00
7/3/2026, 11:07:03 PM
2026-08-21
$23.00
7/3/2026, 11:07:03 PM
2026-09-18
$27.00
7/3/2026, 11:07:03 PM
2026-10-16
$31.00
7/3/2026, 11:07:03 PM
2026-11-20
$32.00
7/3/2026, 11:07:03 PM
2026-12-18
$30.00
7/3/2026, 11:07:03 PM
2027-01-15
$20.00
7/3/2026, 11:07:03 PM
Selected expiration: 2026-07-10 at max pain $23.50.
BTU pain by strike for 2026-07-10 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
942700
942700
19
0
353200
353200
19.5
0
294400
294400
20
0
236450
236450
20.5
0
184500
184500
21
0
139650
139650
21.5
0
116000
116000
22
0
93000
93000
22.5
0
77750
77750
23
0
63050
63050
23.5
10200
52400
62600
24
23550
42500
66050
24.5
38050
36000
74050
25
53550
29600
83150
25.5
71400
24450
95850
26
96700
19300
116000
27
151400
10000
161400
27.5
182750
7500
190250
28
214250
5000
219250
29
280050
0
280050
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.