This page reflects PPTA options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 5, 2026 close
Max Pain — PPTA
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $22.50 (2.17 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.50
Nearest expiry
Expected Move
±$1.60
±7.9%
Days to Expiry
11
Calendar days
Total Call OI
6,773
Nearest expiry
Total Put OI
2,569
Nearest expiry
P/C OI Ratio
0.38
Put-heavy
Spot Price
$20.33
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
$20.00
8/21/2026, 11:27:15 PM
2026-09-18
$22.50
9/18/2026, 11:26:17 PM
2026-10-16NextUpdated
$22.50
10/5/2026, 11:25:29 PM
2026-11-20
$20.00
10/5/2026, 11:25:29 PM
2026-12-18
$20.00
10/5/2026, 11:25:29 PM
2027-01-15
$20.00
10/5/2026, 11:25:29 PM
2027-03-19
$25.00
10/5/2026, 11:25:29 PM
2027-05-21
$22.50
10/5/2026, 11:25:29 PM
2027-08-20
$10.00
10/5/2026, 11:25:29 PM
Selected expiration: 2026-10-16 at max pain $22.50.
PPTA pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
2449000
2449000
15
1750
1806750
1808500
17.5
4750
1164500
1169250
20
7750
525750
533500
22.5
64750
79000
143750
25
169500
1500
171000
30
1497500
0
1497500
35
4363000
0
4363000
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.