This page reflects CALX 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 — CALX
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $40.00 (1.52 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$3.10
±8.1%
Days to Expiry
15
Calendar days
Total Call OI
886
Nearest expiry
Total Put OI
199
Nearest expiry
P/C OI Ratio
0.22
Put-heavy
Spot Price
$38.48
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
$47.50
5/15/2026, 11:07:46 PM
2026-06-18
$37.50
6/18/2026, 11:08:42 PM
2026-07-17NextUpdated
$40.00
7/3/2026, 11:07:36 PM
2026-08-21
$35.00
7/3/2026, 11:07:36 PM
2026-10-16
$40.00
7/3/2026, 11:07:36 PM
2027-01-15
$27.50
7/3/2026, 11:07:36 PM
Selected expiration: 2026-07-17 at max pain $40.00.
CALX pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
27.5
0
223250
223250
30
0
174000
174000
32.5
8750
125500
134250
35
17500
79750
97250
37.5
27250
50500
77750
40
40000
22000
62000
42.5
98000
3250
101250
45
172500
0
172500
47.5
254750
0
254750
50
354750
0
354750
52.5
486250
0
486250
55
624500
0
624500
57.5
790500
0
790500
60
958500
0
958500
62.5
1162250
0
1162250
65
1367500
0
1367500
70
1778000
0
1778000
75
2192500
0
2192500
80
2611000
0
2611000
85
3049000
0
3049000
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.