Nearest listed expiration 2026-10-09 shows max pain at $42.50 (0.74 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.50
Nearest expiry
Expected Move
±$3.04
±7.3%
Days to Expiry
7
Calendar days
Total Call OI
39,757
Nearest expiry
Total Put OI
34,826
Nearest expiry
P/C OI Ratio
0.88
Put-heavy
Spot Price
$41.76
Published close
Consensus
7.5/10
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
$45.50
9/25/2026, 11:16:03 PM
2026-10-02Updated
$42.50
10/2/2026, 11:16:15 PM
2026-10-09Next
$42.50
10/2/2026, 11:16:15 PM
2026-10-16
$42.00
10/2/2026, 11:16:15 PM
2026-10-23
$44.00
10/2/2026, 11:16:15 PM
2026-10-30
$43.00
10/2/2026, 11:16:15 PM
2026-11-06
$45.00
10/2/2026, 11:16:15 PM
2026-11-20
$44.00
10/2/2026, 11:16:15 PM
2026-12-18
$40.00
10/2/2026, 11:16:15 PM
2027-01-15
$32.00
10/2/2026, 11:16:15 PM
2027-02-19
$50.00
10/2/2026, 11:16:15 PM
2027-03-19
$40.00
10/2/2026, 11:16:15 PM
2027-04-16
$40.00
10/2/2026, 11:16:15 PM
2027-05-21
$40.00
10/2/2026, 11:16:15 PM
2027-06-17
$45.00
10/2/2026, 11:16:15 PM
2027-07-16
$45.00
10/2/2026, 11:16:15 PM
2027-08-20
$25.00
10/2/2026, 11:16:15 PM
Selected expiration: 2026-10-09 at max pain $42.50.
IREN pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
18
0
68543750
68543750
19
300
65083850
65084150
20
900
61723450
61724350
25
58900
45580450
45639350
28
98200
35961550
36059750
29
111700
32768550
32880250
30
125500
29587250
29712750
31
148000
26902050
27050050
32
171600
24235850
24407450
33
197700
21579350
21777050
34
226500
18945550
19172050
35
262400
16358350
16620750
36
306100
13868950
14175050
37
355600
11442450
11798050
38
413900
9161750
9575650
38.5
450550
8099750
8550300
39
487900
7058000
7545900
39.5
533500
6102450
6635950
40
581800
5186800
5768600
40.5
705400
4430150
5135550
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.