This page reflects SPHR 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 — SPHR
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $125.00 (3.25 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$125.00
Nearest expiry
Expected Move
±$9.25
±7.2%
Days to Expiry
14
Calendar days
Total Call OI
1,957
Nearest expiry
Total Put OI
638
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$128.25
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
$140.00
8/21/2026, 11:31:23 PM
2026-09-18
$135.00
9/18/2026, 11:28:47 PM
2026-10-16NextUpdated
$125.00
10/2/2026, 11:25:45 PM
2026-11-20
$140.00
10/2/2026, 11:25:45 PM
2027-01-15
$50.00
10/2/2026, 11:25:45 PM
2027-02-19
$130.00
10/2/2026, 11:25:45 PM
2027-05-21
$115.00
10/2/2026, 11:25:45 PM
Selected expiration: 2026-10-16 at max pain $125.00.
SPHR pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
105
0
1750500
1750500
110
4000
1432000
1436000
115
13500
1151500
1165000
120
26500
878000
904500
125
42500
645500
688000
130
297000
473000
770000
135
558500
323500
882000
140
939500
199000
1138500
145
1417500
105000
1522500
150
1914000
67500
1981500
155
2433000
35500
2468500
160
3077500
7500
3085000
165
3764500
0
3764500
170
4538500
0
4538500
175
5331000
0
5331000
180
6127500
0
6127500
185
6956000
0
6956000
190
7785500
0
7785500
195
8622000
0
8622000
210
11617500
0
11617500
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.