This page reflects NGL 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 — NGL
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $9.00 (6.19 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$9.00
Nearest expiry
Expected Move
±$1.50
±9.9%
Days to Expiry
15
Calendar days
Total Call OI
6,164
Nearest expiry
Total Put OI
1,265
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$15.19
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
$14.00
5/15/2026, 11:29:07 PM
2026-06-18
$15.00
6/18/2026, 11:22:04 PM
2026-07-17NextUpdated
$9.00
7/3/2026, 11:23:19 PM
2026-08-21
$12.00
7/3/2026, 11:23:19 PM
2026-10-16
$10.00
7/3/2026, 11:23:19 PM
2027-01-15
$12.00
7/3/2026, 11:23:19 PM
Selected expiration: 2026-07-17 at max pain $9.00.
NGL pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
2
0
1133300
1133300
3
100
1006800
1006900
4
200
880300
880500
5
1200
753800
755000
6
2400
627300
629700
7
3600
501000
504600
8
5500
374700
380200
9
8700
248800
257500
10
134900
122900
257800
11
303600
98000
401600
12
489300
73200
562500
13
704400
50600
755000
14
930700
30100
960800
15
1161800
12900
1174700
16
1497400
7700
1505100
17
1861200
2600
1863800
18
2309400
0
2309400
19
2921400
0
2921400
20
3535000
0
3535000
22
4765800
0
4765800
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.