This page reflects MKL 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 — MKL
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $1740.00 (239.65 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$1740.00
Nearest expiry
Expected Move
±$58.75
±3.0%
Days to Expiry
15
Calendar days
Total Call OI
318
Nearest expiry
Total Put OI
73
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$1979.65
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
$1820.00
5/15/2026, 11:23:55 PM
2026-06-18
$1830.00
6/18/2026, 11:20:51 PM
2026-07-17NextUpdated
$1740.00
7/3/2026, 11:18:51 PM
2026-08-21
$1760.00
7/3/2026, 11:18:51 PM
2026-10-16
$1920.00
7/3/2026, 11:18:51 PM
2027-01-15
$1800.00
7/3/2026, 11:18:51 PM
2027-05-21
$1700.00
7/3/2026, 11:18:51 PM
Selected expiration: 2026-07-17 at max pain $1740.00.
MKL pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
1440
0
2613000
2613000
1560
0
1773000
1773000
1600
188000
1493000
1681000
1620
282000
1367000
1649000
1640
378000
1243000
1621000
1700
666000
919000
1585000
1720
768000
813000
1581000
1740
870000
707000
1577000
1760
1018000
617000
1635000
1780
1172000
529000
1701000
1800
1326000
441000
1767000
1820
1484000
363000
1847000
1840
1646000
303000
1949000
1860
1814000
247000
2061000
1880
2006000
197000
2203000
1900
2204000
149000
2353000
1920
2422000
113000
2535000
1930
2538000
97000
2635000
1940
2670000
87000
2757000
1950
2828000
78000
2906000
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.