Banco Santander, S.A. SponsoredClose $13.95EOD only
Max Pain
$12.00
Next expiry Jul 17, 2026
Expected Move
±$0.58
4.1% from close
Price Gap
-1.95
Distance to max pain
IV Rank
14
Low premium
P/C OI
0.48
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: Jul 2, 2026 close
End-of-day snapshot
This page reflects SAN 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 — SAN
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $12.00 (1.95 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$0.58
±4.1%
Days to Expiry
15
Calendar days
Total Call OI
3,491
Nearest expiry
Total Put OI
1,019
Nearest expiry
P/C OI Ratio
0.29
Put-heavy
Spot Price
$13.95
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
$11.00
5/15/2026, 11:34:40 PM
2026-06-18
$12.00
6/18/2026, 11:30:27 PM
2026-07-17NextUpdated
$12.00
7/3/2026, 11:26:26 PM
2026-08-21
$14.00
7/3/2026, 11:26:26 PM
2026-09-18
$13.00
7/3/2026, 11:26:26 PM
2026-12-18
$11.00
7/3/2026, 11:26:26 PM
Selected expiration: 2026-07-17 at max pain $12.00.
SAN pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
4
0
808700
808700
5
25000
706800
731800
7
75200
503200
578400
9
125400
299800
425200
10
151400
198100
349500
11
178200
99600
277800
12
205100
49000
254100
13
287000
20000
307000
14
421700
0
421700
15
750600
0
750600
16
1099000
0
1099000
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.