This page reflects CRAI 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 — CRAI
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-08-21 shows max pain at $135.00 (11.79 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$135.00
Nearest expiry
Expected Move
±$10.95
±7.5%
Days to Expiry
50
Calendar days
Total Call OI
13
Nearest expiry
Total Put OI
40
Nearest expiry
P/C OI Ratio
3.08
Put-heavy
Spot Price
$146.79
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-04-17
$165.00
4/17/2026, 11:09:07 PM
2026-05-15
$140.00
5/15/2026, 11:08:33 PM
2026-08-21NextUpdated
$135.00
7/3/2026, 11:09:39 PM
Selected expiration: 2026-08-21 at max pain $135.00.
CRAI pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
100
0
59000
59000
110
0
24000
24000
115
0
19000
19000
120
500
14000
14500
130
1500
4000
5500
135
2000
3000
5000
140
3000
2000
5000
145
5000
1500
6500
150
7500
1000
8500
160
13500
0
13500
165
17500
0
17500
170
21500
0
21500
175
27000
0
27000
180
32500
0
32500
185
38500
0
38500
190
44500
0
44500
195
50500
0
50500
210
68500
0
68500
220
80500
0
80500
270
145500
0
145500
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.