This page reflects PENN 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 — PENN
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $16.00 (1.23 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$16.00
Nearest expiry
Expected Move
±$1.30
±8.8%
Days to Expiry
14
Calendar days
Total Call OI
5,936
Nearest expiry
Total Put OI
4,308
Nearest expiry
P/C OI Ratio
0.73
Put-heavy
Spot Price
$14.77
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
$19.00
8/21/2026, 11:27:21 PM
2026-09-18
$16.00
9/18/2026, 11:27:12 PM
2026-10-16NextUpdated
$16.00
10/2/2026, 11:25:28 PM
2026-11-20
$16.00
10/2/2026, 11:25:28 PM
2027-01-15
$15.00
10/2/2026, 11:25:28 PM
2027-04-16
$15.00
10/2/2026, 11:25:28 PM
Selected expiration: 2026-10-16 at max pain $16.00.
PENN pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
4
0
5175300
5175300
5
0
4744700
4744700
7
0
3883900
3883900
8
0
3453500
3453500
10
0
2593100
2593100
11
0
2167900
2167900
12
0
1744800
1744800
13
0
1327400
1327400
14
300
913100
913400
15
60900
520900
581800
16
174900
337400
512300
17
393100
251900
645000
18
640700
191500
832200
19
964800
143200
1108000
20
1326400
97300
1423700
21
1749700
57600
1807300
22
2238700
17900
2256600
23
2755200
2400
2757600
24
3298200
100
3298300
25
3854100
0
3854100
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.