This page reflects PAY 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 — PAY
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $22.00 (5.06 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.00
Nearest expiry
Expected Move
±$2.12
±7.8%
Days to Expiry
15
Calendar days
Total Call OI
329
Nearest expiry
Total Put OI
39
Nearest expiry
P/C OI Ratio
0.12
Put-heavy
Spot Price
$27.06
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
$25.00
5/15/2026, 11:33:47 PM
2026-06-18
$23.00
6/18/2026, 11:26:55 PM
2026-07-17NextUpdated
$22.00
7/3/2026, 11:25:30 PM
2026-08-21
$21.00
7/3/2026, 11:25:30 PM
2026-09-18
$15.00
7/3/2026, 11:25:30 PM
2026-12-18
$18.00
7/3/2026, 11:25:30 PM
Selected expiration: 2026-07-17 at max pain $22.00.
PAY pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
49800
49800
15
0
46100
46100
17
0
39100
39100
18
300
35600
35900
19
700
32200
32900
20
1100
28900
30000
21
1500
25700
27200
22
4000
22500
26500
23
15800
19300
35100
24
42400
16700
59100
25
69000
14200
83200
27
133800
10000
143800
28
166300
7900
174200
29
199100
6200
205300
30
231900
4700
236600
31
264800
3200
268000
32
297700
2100
299800
33
330600
1100
331700
34
363500
400
363900
35
396400
0
396400
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.