This page reflects IPI 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 — IPI
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $36.00 (2.42 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$36.00
Nearest expiry
Expected Move
±$2.30
±6.8%
Days to Expiry
15
Calendar days
Total Call OI
227
Nearest expiry
Total Put OI
195
Nearest expiry
P/C OI Ratio
0.86
Put-heavy
Spot Price
$33.58
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
$37.00
5/15/2026, 11:21:34 PM
2026-06-18
$34.00
6/18/2026, 11:19:06 PM
2026-07-17NextUpdated
$36.00
7/3/2026, 11:16:55 PM
2026-08-21
$35.00
7/3/2026, 11:16:55 PM
2026-09-18
$35.00
7/3/2026, 11:16:55 PM
2026-12-18
$34.00
7/3/2026, 11:16:55 PM
Selected expiration: 2026-07-17 at max pain $36.00.
IPI pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
28
0
124400
124400
30
0
85800
85800
31
0
69300
69300
32
0
53900
53900
33
500
39800
40300
34
1000
29200
30200
35
1700
21300
23000
36
5200
15500
20700
37
11200
11000
22200
38
17200
7500
24700
39
25700
5100
30800
40
34400
3800
38200
41
50000
3200
53200
42
67300
2600
69900
45
122500
2000
124500
49
213300
1200
214500
55
349500
0
349500
60
463000
0
463000
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.