This page reflects HSBC 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 — HSBC
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-09 shows max pain at $101.00 (4.86 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$101.00
Nearest expiry
Expected Move
±$1.18
±1.2%
Days to Expiry
7
Calendar days
Total Call OI
179
Nearest expiry
Total Put OI
818
Nearest expiry
P/C OI Ratio
4.57
Put-heavy
Spot Price
$96.14
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-09
Expiration
Max Pain Strike
Last Updated
2026-09-25
$101.00
9/25/2026, 11:15:03 PM
2026-10-02Updated
$98.00
10/2/2026, 11:17:09 PM
2026-10-09Next
$101.00
10/2/2026, 11:17:09 PM
2026-10-16
$105.00
10/2/2026, 11:17:09 PM
2026-10-23
$104.00
10/2/2026, 11:17:09 PM
2026-10-30
$103.00
10/2/2026, 11:17:09 PM
2026-11-20
$100.00
10/2/2026, 11:17:09 PM
2026-12-18
$100.00
10/2/2026, 11:17:09 PM
2027-01-15
$95.00
10/2/2026, 11:17:09 PM
2027-03-19
$105.00
10/2/2026, 11:17:09 PM
2027-06-17
$100.00
10/2/2026, 11:17:09 PM
2027-09-17
$80.00
10/2/2026, 11:17:09 PM
Selected expiration: 2026-10-09 at max pain $101.00.
HSBC pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
60
0
3329300
3329300
65
0
2920300
2920300
70
0
2511300
2511300
75
0
2102300
2102300
80
11500
1693300
1704800
90
57500
875300
932800
95
80500
468300
548800
96
85100
387900
473000
97
89700
308200
397900
98
94300
230000
324300
99
98900
153100
252000
100
103500
77300
180800
101
108100
2900
111000
102
112700
600
113300
103
121200
300
121500
104
130300
0
130300
105
141300
0
141300
106
153700
0
153700
107
168600
0
168600
108
183500
0
183500
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.