This page reflects SLM 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 — SLM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $23.00 (2.60 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$1.07
±4.2%
Days to Expiry
15
Calendar days
Total Call OI
864
Nearest expiry
Total Put OI
249
Nearest expiry
P/C OI Ratio
0.29
Put-heavy
Spot Price
$25.60
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
$22.00
5/15/2026, 11:36:36 PM
2026-06-18
$22.00
6/18/2026, 11:31:31 PM
2026-07-17NextUpdated
$23.00
7/3/2026, 11:28:44 PM
2026-08-21
$23.00
7/3/2026, 11:28:44 PM
2026-09-18
$20.00
7/3/2026, 11:28:44 PM
2026-10-16
$20.00
7/3/2026, 11:28:44 PM
2026-11-20
$6.00
7/3/2026, 11:28:44 PM
2027-01-15
$19.00
7/3/2026, 11:28:44 PM
Selected expiration: 2026-07-17 at max pain $23.00.
SLM pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
532700
532700
2
300
507800
508100
3
600
482900
483500
4
900
458000
458900
5
1200
433100
434300
6
1500
408200
409700
7
1800
383300
385100
8
2100
358400
360500
9
2400
333500
335900
10
2700
308600
311300
11
3000
283800
286800
12
3300
259000
262300
13
3600
234200
237800
14
3900
209400
213300
15
4400
184600
189000
16
5600
159900
165500
17
6800
135200
142000
18
8000
111200
119200
19
9200
87800
97000
20
10400
66400
76800
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.