This page reflects SM 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 — SM
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $37.50 (2.26 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$37.50
Nearest expiry
Expected Move
±$1.20
±3.4%
Days to Expiry
14
Calendar days
Total Call OI
2,928
Nearest expiry
Total Put OI
2,760
Nearest expiry
P/C OI Ratio
0.94
Put-heavy
Spot Price
$35.24
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
$25.00
8/21/2026, 11:27:01 PM
2026-09-18
$35.00
9/18/2026, 11:32:57 PM
2026-10-16NextUpdated
$37.50
10/2/2026, 11:28:36 PM
2026-11-20
$35.00
10/2/2026, 11:28:36 PM
2026-12-18
$22.50
10/2/2026, 11:28:36 PM
2027-01-15
$22.50
10/2/2026, 11:28:36 PM
2027-02-19
$27.50
10/2/2026, 11:28:36 PM
2027-05-21
$35.00
10/2/2026, 11:28:36 PM
Selected expiration: 2026-10-16 at max pain $37.50.
SM pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
4856250
4856250
17.5
0
4172750
4172750
20
4500
3489250
3493750
22.5
14500
2806250
2820750
25
49250
2180250
2229500
27.5
90250
1600750
1691000
30
135500
1021750
1157250
32.5
186000
598750
784750
35
247000
185250
432250
37.5
329750
21250
351000
40
463500
6500
470000
42.5
669500
1500
671000
45
1013500
1000
1014500
47.5
1370250
500
1370750
50
1836750
0
1836750
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.