This page reflects ORLA 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 — ORLA
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $12.50 (2.32 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.50
Nearest expiry
Expected Move
±$0.95
±9.3%
Days to Expiry
15
Calendar days
Total Call OI
25,556
Nearest expiry
Total Put OI
4,105
Nearest expiry
P/C OI Ratio
0.16
Put-heavy
Spot Price
$10.18
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
$15.00
5/15/2026, 11:29:57 PM
2026-06-18
$12.50
6/18/2026, 11:26:27 PM
2026-07-17NextUpdated
$12.50
7/3/2026, 11:21:27 PM
2026-08-21
$7.50
7/3/2026, 11:21:27 PM
2026-10-16
$15.00
7/3/2026, 11:21:27 PM
2027-01-15
$10.00
7/3/2026, 11:21:27 PM
Selected expiration: 2026-07-17 at max pain $12.50.
ORLA pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
4109750
4109750
5
1500
3083500
3085000
7.5
4000
2057250
2061250
10
23000
1049750
1072750
12.5
151250
107750
259000
15
422000
21250
443250
17.5
1047750
8250
1056000
20
2801250
1000
2802250
22.5
5378750
250
5379000
25
9463250
0
9463250
30
19937250
0
19937250
35
32709750
0
32709750
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.