This page reflects CADL 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 — CADL
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $4.00 (5.83 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$4.00
Nearest expiry
Expected Move
±$1.80
±18.3%
Days to Expiry
15
Calendar days
Total Call OI
2,847
Nearest expiry
Total Put OI
394
Nearest expiry
P/C OI Ratio
0.14
Put-heavy
Spot Price
$9.83
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
$7.00
5/15/2026, 11:08:05 PM
2026-06-18
$8.00
6/18/2026, 11:06:44 PM
2026-07-17NextUpdated
$4.00
7/3/2026, 11:07:31 PM
2026-08-21
$9.00
7/3/2026, 11:07:31 PM
2026-10-16
$5.00
7/3/2026, 11:07:31 PM
2027-01-15
$5.00
7/3/2026, 11:07:31 PM
Selected expiration: 2026-07-17 at max pain $4.00.
CADL pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
233500
233500
2
16900
194100
211000
3
35800
156100
191900
4
68900
118700
187600
5
131500
88100
219600
6
206400
61000
267400
7
289500
38500
328000
8
395300
19000
414300
9
513500
5500
519000
10
668300
0
668300
11
873900
0
873900
12
1118100
0
1118100
18
2813100
0
2813100
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.