This page reflects ERAS 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 — ERAS
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $15.00 (0.26 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$2.28
±15.4%
Days to Expiry
14
Calendar days
Total Call OI
21,400
Nearest expiry
Total Put OI
5,357
Nearest expiry
P/C OI Ratio
0.25
Put-heavy
Spot Price
$14.74
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
$17.50
8/21/2026, 11:13:59 PM
2026-09-18
$20.00
9/18/2026, 11:12:49 PM
2026-10-16NextUpdated
$15.00
10/2/2026, 11:10:40 PM
2026-11-20
$15.00
10/2/2026, 11:10:40 PM
2026-12-18
$10.00
10/2/2026, 11:10:40 PM
2027-01-15
$10.00
10/2/2026, 11:10:40 PM
2027-03-19
$10.00
10/2/2026, 11:10:40 PM
2027-04-16
$12.50
10/2/2026, 11:10:40 PM
2027-06-17
$5.00
10/2/2026, 11:10:40 PM
Selected expiration: 2026-10-16 at max pain $15.00.
ERAS pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
6424500
6424500
5
250
5085250
5085500
7.5
500
3756000
3756500
10
4750
2431000
2435750
12.5
75500
1502000
1577500
15
255250
755250
1010500
17.5
1672750
351500
2024250
20
3646500
8750
3655250
22.5
7865250
1250
7866500
25
13000250
0
13000250
30
23672750
0
23672750
35
34361250
0
34361250
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.