This page reflects PENN 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 — PENN
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $18.00 (4.02 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$1.28
±5.8%
Days to Expiry
15
Calendar days
Total Call OI
17,471
Nearest expiry
Total Put OI
6,601
Nearest expiry
P/C OI Ratio
0.38
Put-heavy
Spot Price
$22.02
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, 11:30:00 PM
2026-06-18
$17.00
6/18/2026, 11:31:00 PM
2026-07-17NextUpdated
$18.00
7/3/2026, 11:23:13 PM
2026-08-21
$20.00
7/3/2026, 11:23:13 PM
2026-09-18
$15.00
7/3/2026, 11:23:13 PM
2026-10-16
$20.00
7/3/2026, 11:23:13 PM
2027-01-15
$17.50
7/3/2026, 11:23:13 PM
Selected expiration: 2026-07-17 at max pain $18.00.
PENN pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
6
0
6870400
6870400
7
2600
6210900
6213500
8
5400
5552400
5557800
9
8300
4893900
4902200
10
11300
4235400
4246700
11
15600
3591800
3607400
12
20100
3029900
3050000
13
54100
2497600
2551700
14
108500
2025400
2133900
15
179900
1596800
1776700
16
299300
1204600
1503900
17
466200
832400
1298600
18
694800
486900
1181700
19
976100
261700
1237800
20
1360400
60500
1420900
21
1955300
12200
1967500
22
3043600
900
3044500
23
4594300
0
4594300
24
6284600
0
6284600
25
8010400
0
8010400
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.