This page reflects PEN options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — PEN
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $380.00 (62.45 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$380.00
Nearest expiry
Expected Move
±$11.70
±3.7%
Days to Expiry
14
Calendar days
Total Call OI
738
Nearest expiry
Total Put OI
1,529
Nearest expiry
P/C OI Ratio
2.07
Put-heavy
Spot Price
$317.55
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
$350.00
8/21/2026, 11:25:04 PM
2026-09-18
$330.00
9/18/2026, 11:26:19 PM
2026-10-16NextUpdated
$380.00
10/2/2026, 11:24:17 PM
2026-11-20
$380.00
10/2/2026, 11:24:17 PM
2026-12-18
$350.00
10/2/2026, 11:24:17 PM
2027-01-15
$380.00
10/2/2026, 11:24:17 PM
2027-03-19
$380.00
10/2/2026, 11:24:17 PM
2027-04-16
$280.00
10/2/2026, 11:24:17 PM
2027-06-17
$410.00
10/2/2026, 11:24:17 PM
Selected expiration: 2026-10-16 at max pain $380.00.
PEN pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
120
0
23030000
23030000
130
0
21520000
21520000
140
0
20016000
20016000
150
0
18518000
18518000
155
0
17771000
17771000
160
0
17025500
17025500
165
0
16285000
16285000
170
0
15547000
15547000
175
0
14939000
14939000
180
0
14342000
14342000
185
0
13836500
13836500
190
0
13340500
13340500
195
0
12846500
12846500
200
0
12354000
12354000
210
0
11540000
11540000
220
0
10732000
10732000
230
0
9929000
9929000
240
0
9126000
9126000
250
0
8323000
8323000
260
0
7616000
7616000
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.