This page reflects CADL 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 — CADL
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $8.00 (2.23 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$8.00
Nearest expiry
Expected Move
±$1.23
±12.0%
Days to Expiry
11
Calendar days
Total Call OI
3,684
Nearest expiry
Total Put OI
1,308
Nearest expiry
P/C OI Ratio
0.36
Put-heavy
Spot Price
$10.23
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
$9.00
8/21/2026, 11:07:55 PM
2026-09-18
$12.00
9/18/2026, 11:08:00 PM
2026-10-16NextUpdated
$8.00
10/5/2026, 11:07:02 PM
2026-11-20
$10.00
10/5/2026, 11:07:02 PM
2027-01-15
$7.00
10/5/2026, 11:07:02 PM
2027-04-16
$12.00
10/5/2026, 11:07:02 PM
Selected expiration: 2026-10-16 at max pain $8.00.
CADL pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
2
0
829300
829300
3
100
698500
698600
4
200
568600
568800
5
6300
449700
456000
6
34100
335200
369300
7
70000
234000
304000
8
125300
151600
276900
9
229000
84100
313100
10
358800
32300
391100
11
498200
6600
504800
12
674600
200
674800
13
919600
0
919600
14
1166000
0
1166000
15
1414900
0
1414900
16
1733300
0
1733300
18
2400100
0
2400100
20
3136900
0
3136900
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.