Nearest listed expiration 2026-10-09 shows max pain at $40.50 (3.19 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.50
Nearest expiry
Expected Move
±$3.00
±6.9%
Days to Expiry
7
Calendar days
Total Call OI
33,043
Nearest expiry
Total Put OI
22,832
Nearest expiry
P/C OI Ratio
0.69
Put-heavy
Spot Price
$43.69
Published close
Consensus
5.5/10
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
$39.50
9/25/2026, 11:33:58 PM
2026-10-02Updated
$40.50
10/2/2026, 11:31:26 PM
2026-10-09Next
$40.50
10/2/2026, 11:31:26 PM
2026-10-16
$40.00
10/2/2026, 11:31:26 PM
2026-10-23
$41.00
10/2/2026, 11:31:26 PM
2026-10-30
$40.00
10/2/2026, 11:31:26 PM
2026-11-06
$39.00
10/2/2026, 11:31:26 PM
2026-11-20
$36.00
10/2/2026, 11:31:26 PM
2026-12-18
$40.00
10/2/2026, 11:31:26 PM
2027-01-15
$35.00
10/2/2026, 11:31:26 PM
2027-02-19
$35.00
10/2/2026, 11:31:26 PM
2027-03-19
$35.00
10/2/2026, 11:31:26 PM
2027-05-21
$40.00
10/2/2026, 11:31:26 PM
2027-06-17
$35.00
10/2/2026, 11:31:26 PM
2027-09-17
$37.00
10/2/2026, 11:31:26 PM
Selected expiration: 2026-10-09 at max pain $40.50.
SMCI pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
45632100
45632100
20
1000
34216600
34217600
25
11500
22865600
22877100
26
15900
20747900
20763800
27
21600
18807300
18828900
28
30100
16882400
16912500
29
43100
14966000
15009100
30
58000
13074600
13132600
31
94700
11361500
11456200
32
133600
9669500
9803100
33
176200
8255700
8431900
33.5
199400
7572950
7772350
34
223000
6912200
7135200
34.5
249850
6274800
6524650
35
282700
5642850
5925550
35.5
340300
5048500
5388800
36
398400
4470050
4868450
36.5
469950
3931800
4401750
37
544300
3407800
3952100
37.5
635300
2925450
3560750
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.