This page reflects KEY 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 — KEY
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $22.00 (1.02 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.00
Nearest expiry
Expected Move
±$0.95
±4.1%
Days to Expiry
15
Calendar days
Total Call OI
10,296
Nearest expiry
Total Put OI
2,168
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$23.02
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
$20.00
5/15/2026, 11:22:58 PM
2026-06-18
$21.00
6/18/2026, 11:17:51 PM
2026-07-17NextUpdated
$22.00
7/3/2026, 11:17:40 PM
2026-08-21
$23.00
7/3/2026, 11:17:40 PM
2026-09-18
$21.00
7/3/2026, 11:17:40 PM
2026-10-16
$21.00
7/3/2026, 11:17:40 PM
2026-11-20
$22.00
7/3/2026, 11:17:40 PM
2026-12-18
$20.00
7/3/2026, 11:17:40 PM
2027-01-15
$20.00
7/3/2026, 11:17:40 PM
2027-03-19
$20.00
7/3/2026, 11:17:40 PM
2027-06-17
$20.00
7/3/2026, 11:17:40 PM
Selected expiration: 2026-07-17 at max pain $22.00.
KEY pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
12
0
2029100
2029100
13
0
1812300
1812300
14
100
1595500
1595600
15
300
1378700
1379000
17
1100
945100
946200
18
1600
730300
731900
19
2200
521500
523700
20
25900
320700
346600
21
52500
137800
190300
22
89700
16200
105900
23
162000
2700
164700
24
424300
600
424900
25
1047900
0
1047900
26
2077200
0
2077200
29
5166000
0
5166000
30
6195600
0
6195600
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.