This page reflects CBRE 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 — CBRE
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $135.00 (6.58 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$135.00
Nearest expiry
Expected Move
±$7.50
±5.3%
Days to Expiry
15
Calendar days
Total Call OI
3,205
Nearest expiry
Total Put OI
2,994
Nearest expiry
P/C OI Ratio
0.93
Put-heavy
Spot Price
$141.58
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
$140.00
5/15/2026, 11:06:39 PM
2026-06-18
$130.00
6/18/2026, 11:08:47 PM
2026-07-17NextUpdated
$135.00
7/3/2026, 11:03:55 PM
2026-08-21
$130.00
7/3/2026, 11:03:55 PM
2026-09-18
$135.00
7/3/2026, 11:03:55 PM
2026-12-18
$125.00
7/3/2026, 11:03:55 PM
2027-01-15
$150.00
7/3/2026, 11:03:55 PM
2027-03-19
$105.00
7/3/2026, 11:03:55 PM
Selected expiration: 2026-07-17 at max pain $135.00.
CBRE pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
15856000
15856000
90
0
12862000
12862000
95
500
11365000
11365500
100
1000
9870000
9871000
105
3000
8383000
8386000
110
5500
6907000
6912500
115
10500
5448000
5458500
120
30500
4025500
4056000
125
138000
2650500
2788500
130
264000
1503500
1767500
135
534500
539000
1073500
140
1077000
238500
1315500
145
2046000
41500
2087500
150
3350500
0
3350500
155
4747000
0
4747000
160
6193500
0
6193500
165
7685500
0
7685500
170
9199500
0
9199500
175
10802000
0
10802000
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.