This page reflects SANM 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 — SANM
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-16 shows max pain at $220.00 (5.08 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$220.00
Nearest expiry
Expected Move
±$18.50
±8.2%
Days to Expiry
11
Calendar days
Total Call OI
4,350
Nearest expiry
Total Put OI
3,536
Nearest expiry
P/C OI Ratio
0.81
Put-heavy
Spot Price
$225.08
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
$195.00
8/21/2026, 11:29:09 PM
2026-09-18
$190.00
9/18/2026, 11:29:04 PM
2026-10-16NextUpdated
$220.00
10/5/2026, 11:28:58 PM
2026-11-20
$220.00
10/5/2026, 11:28:58 PM
2026-12-18
$190.00
10/5/2026, 11:28:58 PM
2027-01-15
$220.00
10/5/2026, 11:28:58 PM
2027-04-16
$150.00
10/5/2026, 11:28:58 PM
Selected expiration: 2026-10-16 at max pain $220.00.
SANM pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
65
0
48160000
48160000
70
500
46395500
46396000
75
3000
44631000
44634000
80
7000
42867500
42874500
85
11000
41106500
41117500
90
16000
39346500
39362500
95
27500
37588500
37616000
100
40000
35839000
35879000
105
55000
34090500
34145500
110
76000
32347500
32423500
115
97500
30614500
30712000
120
133500
28882500
29016000
125
187000
27157000
27344000
130
248500
25442000
25690500
135
324500
23728500
24053000
140
406000
22015000
22421000
145
490000
20307000
20797000
150
575000
18602000
19177000
155
670000
16900500
17570500
160
784500
15242500
16027000
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.