This page reflects CDW 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 — CDW
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $125.00 (8.37 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$125.00
Nearest expiry
Expected Move
±$8.57
±6.4%
Days to Expiry
15
Calendar days
Total Call OI
1,762
Nearest expiry
Total Put OI
3,054
Nearest expiry
P/C OI Ratio
1.73
Put-heavy
Spot Price
$133.37
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
$110.00
5/15/2026, 11:10:11 PM
2026-06-18
$120.00
6/18/2026, 11:08:57 PM
2026-07-17NextUpdated
$125.00
7/3/2026, 11:06:57 PM
2026-08-21
$125.00
7/3/2026, 11:06:57 PM
2026-09-18
$110.00
7/3/2026, 11:06:57 PM
2026-10-16
$110.00
7/3/2026, 11:06:57 PM
2026-12-18
$115.00
7/3/2026, 11:06:57 PM
Selected expiration: 2026-07-17 at max pain $125.00.
CDW pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
75
0
12808000
12808000
80
500
11281500
11282000
85
2000
9781500
9783500
90
3500
8293000
8296500
95
12000
6818500
6830500
100
23000
5426000
5449000
105
42500
4123500
4166000
110
71000
2866500
2937500
115
118000
1632000
1750000
120
247500
416500
664000
125
397000
229000
626000
130
591500
118000
709500
135
877000
18000
895000
140
1188000
4500
1192500
145
1544500
2000
1546500
150
2020500
500
2021000
155
2637500
0
2637500
160
3371500
0
3371500
165
4241000
0
4241000
170
5118000
0
5118000
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.