This page reflects PSNL 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 — PSNL
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $12.50 (3.90 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.50
Nearest expiry
Expected Move
±$1.35
±8.2%
Days to Expiry
11
Calendar days
Total Call OI
11,857
Nearest expiry
Total Put OI
1,187
Nearest expiry
P/C OI Ratio
0.10
Put-heavy
Spot Price
$16.40
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
$12.50
8/21/2026, 11:29:49 PM
2026-09-18
$15.00
9/18/2026, 11:24:10 PM
2026-10-16NextUpdated
$12.50
10/5/2026, 11:27:18 PM
2026-11-20
$15.00
10/5/2026, 11:27:18 PM
2026-12-18
$12.50
10/5/2026, 11:27:18 PM
2027-01-15
$10.00
10/5/2026, 11:27:18 PM
2027-04-16
$12.50
10/5/2026, 11:27:18 PM
Selected expiration: 2026-10-16 at max pain $12.50.
PSNL pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
881500
881500
5
4750
681500
686250
7.5
48000
481500
529500
10
105250
281500
386750
12.5
209500
127750
337250
15
1080500
3250
1083750
17.5
2049250
250
2049500
20
4329500
0
4329500
22.5
7261000
0
7261000
25
10192500
0
10192500
30
16121000
0
16121000
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.