This page reflects HWM 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 — HWM
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-09 shows max pain at $230.00 (1.27 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$230.00
Nearest expiry
Expected Move
±$3.28
±1.4%
Days to Expiry
7
Calendar days
Total Call OI
848
Nearest expiry
Total Put OI
826
Nearest expiry
P/C OI Ratio
0.97
Put-heavy
Spot Price
$231.27
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
$230.00
9/25/2026, 11:16:03 PM
2026-10-02Updated
$230.00
10/2/2026, 11:17:46 PM
2026-10-09Next
$230.00
10/2/2026, 11:17:46 PM
2026-10-16
$240.00
10/2/2026, 11:17:46 PM
2026-10-23
$235.00
10/2/2026, 11:17:46 PM
2026-10-30
$235.00
10/2/2026, 11:17:46 PM
2026-11-06
$230.00
10/2/2026, 11:17:46 PM
2026-11-20
$230.00
10/2/2026, 11:17:46 PM
2026-12-18
$280.00
10/2/2026, 11:17:46 PM
2027-01-15
$195.00
10/2/2026, 11:17:46 PM
2027-03-19
$240.00
10/2/2026, 11:17:46 PM
2027-04-16
$230.00
10/2/2026, 11:17:46 PM
2027-06-17
$220.00
10/2/2026, 11:17:46 PM
2027-09-17
$190.00
10/2/2026, 11:17:46 PM
Selected expiration: 2026-10-09 at max pain $230.00.
HWM pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
190
0
2692250
2692250
200
0
1871250
1871250
202.5
250
1669500
1669750
205
500
1468750
1469250
207.5
750
1271250
1272000
210
1000
1076500
1077500
212.5
1500
887250
888750
215
2000
703750
705750
217.5
3250
538000
541250
220
5000
376750
381750
222.5
7500
239750
247250
225
15000
169750
184750
227.5
24000
110250
134250
230
35250
53500
88750
232.5
71750
34250
106000
235
116750
16000
132750
237.5
239500
11250
250750
240
370500
6500
377000
242.5
524250
4500
528750
245
693750
2500
696250
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.