This page reflects CGEM 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 — CGEM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $12.00 (5.63 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$3.38
±19.1%
Days to Expiry
15
Calendar days
Total Call OI
2,372
Nearest expiry
Total Put OI
98
Nearest expiry
P/C OI Ratio
0.04
Put-heavy
Spot Price
$17.63
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
$14.00
5/15/2026, 11:10:26 PM
2026-06-18
$14.00
6/18/2026, 11:10:11 PM
2026-07-17NextUpdated
$12.00
7/3/2026, 11:07:51 PM
2026-08-21
$15.00
7/3/2026, 11:07:51 PM
2026-10-16
$14.00
7/3/2026, 11:07:51 PM
2026-12-18
$15.00
7/3/2026, 11:07:51 PM
2027-01-15
$18.00
7/3/2026, 11:07:51 PM
2027-03-19
$8.00
7/3/2026, 11:07:51 PM
2027-06-17
$12.00
7/3/2026, 11:07:51 PM
Selected expiration: 2026-07-17 at max pain $12.00.
CGEM pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
84200
84200
2
0
77500
77500
3
0
71400
71400
6
0
53100
53100
7
0
47100
47100
8
0
41100
41100
9
700
35100
35800
10
1400
29200
30600
11
4700
23300
28000
12
8700
17500
26200
13
78100
14100
92200
14
167500
10800
178300
15
257500
7800
265300
16
384800
5800
390600
17
515900
3900
519800
18
659800
2000
661800
20
1071000
0
1071000
25
2103500
0
2103500
26
2340100
0
2340100
27
2577000
0
2577000
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.