This page reflects LW 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 — LW
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $45.00 (1.40 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$4.20
±9.6%
Days to Expiry
14
Calendar days
Total Call OI
7,052
Nearest expiry
Total Put OI
36,366
Nearest expiry
P/C OI Ratio
5.16
Put-heavy
Spot Price
$43.60
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$50.00
8/21/2026, 11:21:41 PM
2026-09-18
$50.00
9/18/2026, 11:20:14 PM
2026-10-16NextUpdated
$45.00
10/2/2026, 11:20:15 PM
2026-11-20
$45.00
10/2/2026, 11:20:15 PM
2027-01-15
$47.50
10/2/2026, 11:20:15 PM
2027-04-16
$50.00
10/2/2026, 11:20:15 PM
Selected expiration: 2026-10-16 at max pain $45.00.
LW pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
64812250
64812250
22.5
0
55720750
55720750
25
0
46637250
46637250
27.5
1500
37560500
37562000
30
3000
28493000
28496000
32.5
4750
19437500
19442250
35
6500
10408500
10415000
37.5
10250
1664000
1674250
40
20750
1075750
1096500
42.5
79750
590500
670250
45
255750
277750
533500
47.5
509250
121750
631000
50
850250
29500
879750
52.5
1404750
7500
1412250
55
2176250
0
2176250
57.5
3260000
0
3260000
60
4466750
0
4466750
62.5
6164500
0
6164500
65
7868000
0
7868000
70
11378500
0
11378500
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.