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SPY

SPDR S&P 500 ETFClose $744.78EOD only
Max Pain
$743.00
Next expiry Jul 6, 2026
Expected Move
±$4.41
0.6% from close
Price Gap
-1.78
Distance to max pain
IV Rank
7
Low premium
P/C OI
2.35
Slightly put-heavy
Consensus
7.0/10
Upside lean
Published snapshot: Jul 2, 2026 close
End-of-day snapshot

This page reflects SPY 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 — SPY
Data as of market close Jul 2, 2026
Open Directional Report

Nearest listed expiration 2026-07-06 shows max pain at $743.00 (1.78 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$743.00
Nearest expiry
Expected Move
±$4.41
±0.6%
Days to Expiry
4
Calendar days
Total Call OI
109,533
Nearest expiry
Total Put OI
168,639
Nearest expiry
P/C OI Ratio
1.54
Put-heavy
Spot Price
$744.78
Published close
Consensus
7.0/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-07-06
ExpirationMax Pain StrikeLast Updated
2026-06-30$731.006/12/2026, 11:46:59 PM
2026-07-02$743.006/12/2026, 11:46:59 PM
2026-07-06NextUpdated$743.007/3/2026, 11:41:24 PM
2026-07-07$745.007/3/2026, 11:41:24 PM
2026-07-08$743.007/3/2026, 11:41:24 PM
2026-07-09$741.007/3/2026, 11:41:24 PM
2026-07-10$742.007/3/2026, 11:41:24 PM
2026-07-17$740.007/3/2026, 11:41:24 PM
2026-07-24$740.007/3/2026, 11:41:24 PM
2026-07-31$740.007/3/2026, 11:41:24 PM
2026-08-07$740.007/3/2026, 11:41:24 PM
2026-08-21$740.007/3/2026, 11:41:24 PM
2026-08-31$717.007/3/2026, 11:41:24 PM
2026-09-18$720.007/3/2026, 11:41:24 PM
2026-09-30$707.007/3/2026, 11:41:24 PM
2026-10-16$745.007/3/2026, 11:41:24 PM
2026-10-30$730.007/3/2026, 11:41:24 PM
2026-11-20$745.007/3/2026, 11:41:24 PM
2026-11-30$746.007/3/2026, 11:41:24 PM
2026-12-18$695.007/3/2026, 11:41:24 PM
2026-12-31$690.007/3/2026, 11:41:24 PM
2027-01-15$700.007/3/2026, 11:41:24 PM
2027-03-19$690.007/3/2026, 11:41:24 PM
2027-03-31$715.007/3/2026, 11:41:24 PM
2027-06-17$725.007/3/2026, 11:41:24 PM
Selected expiration: 2026-07-06 at max pain $743.00.
SPY pain by strike for 2026-07-06 expiration
StrikeCall PainPut PainTotal Pain
500028821212002882121200
510027135252002713525200
515026292572002629257200
520025450257002545025700
525024609797002460979700
530023773607002377360700
535022943292002294329200
545021295002002129500200
550020470957002047095700
555019646962001964696200
560018823382001882338200
565018000152001800015200
570017177232001717723200
575016354642001635464200
580015532812001553281200
585014711597001471159700
590013891332001389133200
595013071967001307196700
600012254727001225472700
605011729657001172965700
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.