This page reflects PEN 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 — PEN
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $340.00 (21.43 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$340.00
Nearest expiry
Expected Move
±$40.40
±12.7%
Days to Expiry
15
Calendar days
Total Call OI
275
Nearest expiry
Total Put OI
363
Nearest expiry
P/C OI Ratio
1.32
Put-heavy
Spot Price
$318.57
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
$330.00
5/15/2026, 11:28:54 PM
2026-06-18
$320.00
6/18/2026, 11:26:31 PM
2026-07-17NextUpdated
$340.00
7/3/2026, 11:22:45 PM
2026-08-21
$400.00
7/3/2026, 11:22:45 PM
2026-09-18
$390.00
7/3/2026, 11:22:45 PM
2026-10-16
$450.00
7/3/2026, 11:22:45 PM
2026-11-20
$350.00
7/3/2026, 11:22:45 PM
2026-12-18
$340.00
7/3/2026, 11:22:45 PM
2027-01-15
$380.00
7/3/2026, 11:22:45 PM
2027-03-19
$330.00
7/3/2026, 11:22:45 PM
2027-06-17
$350.00
7/3/2026, 11:22:45 PM
Selected expiration: 2026-07-17 at max pain $340.00.
PEN pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
125
0
7681500
7681500
155
0
6592500
6592500
180
2500
5685000
5687500
200
4500
4963000
4967500
210
7500
4605000
4612500
220
11500
4247000
4258500
230
16500
3889000
3905500
240
21500
3535000
3556500
250
26500
3190000
3216500
260
32500
2853000
2885500
270
38500
2524000
2562500
280
44500
2200000
2244500
290
51500
1883000
1934500
300
58500
1570000
1628500
310
90500
1281000
1371500
320
130500
1023000
1153500
330
175500
802000
977500
340
271500
655000
926500
350
431500
532000
963500
360
611500
450000
1061500
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.