Morgan Stanley Direct Lending FundClose $13.56EOD only
Max Pain
$15.00
Next expiry Oct 16, 2026
Expected Move
±$0.38
2.8% from close
Price Gap
+1.44
Distance to max pain
IV Rank
18
Low premium
P/C OI
4.73
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: Oct 5, 2026 close
End-of-day snapshot
This page reflects MSDL options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 5, 2026 close
Max Pain — MSDL
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $15.00 (1.44 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$0.38
±2.8%
Days to Expiry
11
Calendar days
Total Call OI
111
Nearest expiry
Total Put OI
3,370
Nearest expiry
P/C OI Ratio
30.36
Put-heavy
Spot Price
$13.56
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
$15.00
8/21/2026, 11:19:25 PM
2026-09-18
$15.00
9/18/2026, 11:23:05 PM
2026-10-16NextUpdated
$15.00
10/5/2026, 11:22:52 PM
2026-11-20
$12.00
10/5/2026, 11:22:52 PM
2026-12-18
$15.00
10/5/2026, 11:22:52 PM
2027-01-15
$17.00
10/5/2026, 11:22:52 PM
2027-03-19
$15.00
10/5/2026, 11:22:52 PM
Selected expiration: 2026-10-16 at max pain $15.00.
MSDL pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
7
0
2386000
2386000
12
0
702000
702000
13
900
365200
366100
14
6000
28400
34400
15
11100
0
11100
16
21700
0
21700
17
32400
0
32400
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.