This page reflects CGEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — CGEM
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $20.00 (4.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$3.60
±23.2%
Days to Expiry
14
Calendar days
Total Call OI
419
Nearest expiry
Total Put OI
2,626
Nearest expiry
P/C OI Ratio
6.27
Put-heavy
Spot Price
$15.51
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
$18.00
8/21/2026, 11:08:10 PM
2026-09-18
$22.00
9/18/2026, 11:08:09 PM
2026-10-16NextUpdated
$20.00
10/2/2026, 11:08:45 PM
2026-11-20
$22.00
10/2/2026, 11:08:45 PM
2026-12-18
$15.00
10/2/2026, 11:08:45 PM
2027-01-15
$20.00
10/2/2026, 11:08:45 PM
2027-03-19
$25.00
10/2/2026, 11:08:45 PM
2027-04-16
$16.00
10/2/2026, 11:08:45 PM
2027-06-17
$22.00
10/2/2026, 11:08:45 PM
Selected expiration: 2026-10-16 at max pain $20.00.
CGEM pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
3488200
3488200
4
700
3225600
3226300
5
1400
2963300
2964700
6
2100
2701000
2703100
7
2800
2438700
2441500
8
3500
2176400
2179900
9
4200
1914500
1918700
10
5000
1652600
1657600
11
5900
1390900
1396800
12
6800
1129400
1136200
13
7700
867900
875600
14
8600
606500
615100
15
9700
369000
378700
16
11400
247800
259200
17
20700
159700
180400
18
30000
84000
114000
19
43000
22800
65800
20
57000
0
57000
21
82900
0
82900
22
110500
0
110500
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.