This page reflects CMI 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 — CMI
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $670.00 (8.30 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$670.00
Nearest expiry
Expected Move
±$44.20
±6.7%
Days to Expiry
15
Calendar days
Total Call OI
2,398
Nearest expiry
Total Put OI
2,357
Nearest expiry
P/C OI Ratio
0.98
Put-heavy
Spot Price
$661.70
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
$620.00
5/15/2026, 11:09:28 PM
2026-06-18
$620.00
6/18/2026, 11:11:14 PM
2026-07-17NextUpdated
$670.00
7/3/2026, 11:03:46 PM
2026-08-21
$690.00
7/3/2026, 11:03:46 PM
2026-09-18
$560.00
7/3/2026, 11:03:46 PM
2026-12-18
$660.00
7/3/2026, 11:03:46 PM
2027-03-19
$620.00
7/3/2026, 11:03:46 PM
2027-06-17
$360.00
7/3/2026, 11:03:46 PM
Selected expiration: 2026-07-17 at max pain $670.00.
CMI pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
390
0
58802000
58802000
400
5000
56450000
56455000
410
10000
54105000
54115000
420
16000
51762000
51778000
430
23000
49422000
49445000
440
30000
47093000
47123000
450
38000
44771000
44809000
460
56000
42452000
42508000
470
76000
40135000
40211000
480
100000
37829000
37929000
490
151000
35527000
35678000
500
205000
33229000
33434000
510
267000
30960000
31227000
520
337000
28693000
29030000
530
409000
26440000
26849000
540
482000
24206000
24688000
550
556000
22004000
22560000
560
634000
19830000
20464000
570
713000
17713000
18426000
580
794000
15635000
16429000
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.