This page reflects FRO 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 — FRO
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $41.00 (4.25 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$41.00
Nearest expiry
Expected Move
±$2.83
±7.7%
Days to Expiry
15
Calendar days
Total Call OI
21,277
Nearest expiry
Total Put OI
30,181
Nearest expiry
P/C OI Ratio
1.42
Put-heavy
Spot Price
$36.75
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
$34.00
5/15/2026, 11:13:15 PM
2026-06-18
$37.00
6/18/2026, 11:18:12 PM
2026-07-17NextUpdated
$41.00
7/3/2026, 11:11:58 PM
2026-08-21
$34.00
7/3/2026, 11:11:58 PM
2026-11-20
$50.00
7/3/2026, 11:11:58 PM
2027-01-15
$35.00
7/3/2026, 11:11:58 PM
2027-02-19
$60.00
7/3/2026, 11:11:58 PM
Selected expiration: 2026-07-17 at max pain $41.00.
FRO pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
27
0
28526300
28526300
28
0
25508300
25508300
29
100
22510900
22511000
30
200
19515100
19515300
31
5300
16588900
16594200
32
10400
13670700
13681100
33
16400
10832000
10848400
34
25800
9026600
9052400
35
57100
7257200
7314300
36
123100
5832700
5955800
37
249800
4434200
4684000
38
621400
3254800
3876200
39
1028400
2137700
3166100
40
1469100
1084800
2553900
41
2007400
49000
2056400
42
2735300
16200
2751500
43
4102700
9400
4112100
44
5531000
5900
5536900
45
7232100
2500
7234600
46
9277500
0
9277500
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.