This page reflects SM 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 — SM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-08-21 shows max pain at $22.50 (4.35 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.50
Nearest expiry
Expected Move
±$4.50
±16.8%
Days to Expiry
50
Calendar days
Total Call OI
22,942
Nearest expiry
Total Put OI
5,174
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$26.85
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-05-15
$27.50
5/15/2026, 11:36:44 PM
2026-06-18
$30.00
6/18/2026, 11:28:24 PM
2026-07-17NextUpdated
$27.50
7/3/2026, 11:29:09 PM
2026-08-21
$22.50
7/3/2026, 11:29:09 PM
2026-10-16
$25.00
7/3/2026, 11:29:09 PM
2026-11-20
$30.00
7/3/2026, 11:29:09 PM
2026-12-18
$22.50
7/3/2026, 11:29:09 PM
2027-01-15
$22.50
7/3/2026, 11:29:09 PM
2027-02-19
$27.50
7/3/2026, 11:29:09 PM
Selected expiration: 2026-08-21 at max pain $22.50.
SM pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
11646000
11646000
5
0
10352500
10352500
7.5
0
9059000
9059000
10
500
7765500
7766000
12.5
1250
6475000
6476250
15
2250
5193500
5195750
17.5
469000
3944000
4413000
20
987750
2895750
3883500
22.5
1575000
1938750
3513750
25
2501000
1075000
3576000
27.5
3599750
513500
4113250
30
4899500
200000
5099500
32.5
6681500
25750
6707250
35
8970000
2000
8972000
37.5
11675500
0
11675500
40
14568250
0
14568250
42.5
18429500
0
18429500
45
22428500
0
22428500
47.5
28142750
0
28142750
50
33873000
0
33873000
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.