This page reflects CMI 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 — CMI
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $540.00 (11.68 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$540.00
Nearest expiry
Expected Move
±$24.25
±4.6%
Days to Expiry
14
Calendar days
Total Call OI
2,751
Nearest expiry
Total Put OI
1,891
Nearest expiry
P/C OI Ratio
0.69
Put-heavy
Spot Price
$528.32
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
$660.00
8/21/2026, 11:08:02 PM
2026-09-18
$530.00
9/18/2026, 11:08:35 PM
2026-10-16NextUpdated
$540.00
10/2/2026, 11:08:08 PM
2026-11-20
$530.00
10/2/2026, 11:08:08 PM
2026-12-18
$600.00
10/2/2026, 11:08:08 PM
2027-03-19
$620.00
10/2/2026, 11:08:08 PM
2027-06-17
$460.00
10/2/2026, 11:08:08 PM
2027-09-17
$510.00
10/2/2026, 11:08:08 PM
Selected expiration: 2026-10-16 at max pain $540.00.
CMI pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
430
0
15634000
15634000
440
0
13744000
13744000
450
7000
11857000
11864000
460
15000
10050000
10065000
470
24000
8251000
8275000
480
39000
6575000
6614000
490
106000
5121000
5227000
500
173000
3709000
3882000
510
244000
2579000
2823000
520
327000
1558000
1885000
530
662000
633000
1295000
540
1043000
172000
1215000
550
1795000
101000
1896000
560
2674000
51000
2725000
570
3789000
16000
3805000
580
5014000
5000
5019000
590
6483000
3000
6486000
600
8210000
1000
8211000
610
10167000
0
10167000
620
12239000
0
12239000
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.