This page reflects SAP options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — SAP
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-09 shows max pain at $207.50 (1.07 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$207.50
Nearest expiry
Expected Move
±$7.47
±3.6%
Days to Expiry
7
Calendar days
Total Call OI
255
Nearest expiry
Total Put OI
118
Nearest expiry
P/C OI Ratio
0.46
Put-heavy
Spot Price
$208.57
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-09
Expiration
Max Pain Strike
Last Updated
2026-09-25
$212.50
9/25/2026, 11:25:52 PM
2026-10-02Updated
$205.00
10/2/2026, 11:25:09 PM
2026-10-09Next
$207.50
10/2/2026, 11:25:09 PM
2026-10-16
$217.50
10/2/2026, 11:25:09 PM
2026-10-23
$205.00
10/2/2026, 11:25:09 PM
2026-10-30
$200.00
10/2/2026, 11:25:09 PM
2026-11-06
$215.00
10/2/2026, 11:25:09 PM
2026-11-20
$220.00
10/2/2026, 11:25:09 PM
2026-12-18
$190.00
10/2/2026, 11:25:09 PM
2027-01-15
$200.00
10/2/2026, 11:25:09 PM
2027-03-19
$195.00
10/2/2026, 11:25:09 PM
2027-06-17
$200.00
10/2/2026, 11:25:09 PM
2027-09-17
$230.00
10/2/2026, 11:25:09 PM
Selected expiration: 2026-10-09 at max pain $207.50.
SAP pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
175
0
264250
264250
180
0
206250
206250
185
0
149750
149750
187.5
0
123000
123000
190
0
98250
98250
195
0
61250
61250
197.5
0
45750
45750
200
0
31250
31250
202.5
250
22500
22750
205
500
14250
14750
207.5
750
7750
8500
210
6500
4500
11000
212.5
42250
1750
44000
215
78750
250
79000
217.5
117750
0
117750
220
158250
0
158250
222.5
202000
0
202000
225
246500
0
246500
230
336500
0
336500
232.5
391500
0
391500
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.