SPY
SPDR S&P 500 ETFClose $777.88EOD onlyThis page reflects SPY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Nearest listed expiration 2026-08-14 shows max pain at $763.00 (14.88 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain by Expiration
Pain by Strike
| Expiration | Max Pain Strike | Last Updated |
|---|---|---|
| 2026-08-12 | $768.00 | 8/10/2026, 11:54:18 PM |
| 2026-08-13Updated | $772.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-14Next | $763.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-17 | $772.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-18 | $771.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-19 | $773.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-20 | $773.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-21 | $755.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-28 | $763.00 | 8/13/2026, 11:40:06 PM |
| 2026-08-31 | $750.00 | 8/13/2026, 11:40:06 PM |
| 2026-09-04 | $756.00 | 8/13/2026, 11:40:06 PM |
| 2026-09-11 | $770.00 | 8/13/2026, 11:40:06 PM |
| 2026-09-18 | $740.00 | 8/13/2026, 11:40:06 PM |
| 2026-09-25 | $773.00 | 8/13/2026, 11:40:06 PM |
| 2026-09-30 | $725.00 | 8/13/2026, 11:40:06 PM |
| 2026-10-16 | $751.00 | 8/13/2026, 11:40:06 PM |
| 2026-10-30 | $740.00 | 8/13/2026, 11:40:06 PM |
| 2026-11-20 | $745.00 | 8/13/2026, 11:40:06 PM |
| 2026-11-30 | $741.00 | 8/13/2026, 11:40:06 PM |
| 2026-12-18 | $710.00 | 8/13/2026, 11:40:06 PM |
| 2026-12-31 | $713.00 | 8/13/2026, 11:40:06 PM |
| 2027-01-15 | $715.00 | 8/13/2026, 11:40:06 PM |
| 2027-01-29 | $765.00 | 8/13/2026, 11:40:06 PM |
| 2027-03-19 | $710.00 | 8/13/2026, 11:40:06 PM |
| 2027-03-31 | $730.00 | 8/13/2026, 11:40:06 PM |
| 2027-06-17 | $745.00 | 8/13/2026, 11:40:06 PM |
| 2027-06-30 | $790.00 | 8/13/2026, 11:40:06 PM |
| Strike | Call Pain | Put Pain | Total Pain |
|---|---|---|---|
| 500 | 0 | 11302139000 | 11302139000 |
| 505 | 21000 | 11055750000 | 11055771000 |
| 510 | 42000 | 10809878500 | 10809920500 |
| 515 | 63000 | 10564183000 | 10564246000 |
| 520 | 84500 | 10318939000 | 10319023500 |
| 525 | 107500 | 10073868500 | 10073976000 |
| 530 | 131000 | 9828957000 | 9829088000 |
| 535 | 154500 | 9584200500 | 9584355000 |
| 540 | 178000 | 9339735000 | 9339913000 |
| 545 | 226000 | 9095522500 | 9095748500 |
| 550 | 274000 | 8851473500 | 8851747500 |
| 555 | 322000 | 8607497500 | 8607819500 |
| 560 | 370500 | 8363595000 | 8363965500 |
| 565 | 419000 | 8119890500 | 8120309500 |
| 570 | 467500 | 7876478000 | 7876945500 |
| 575 | 516000 | 7633122500 | 7633638500 |
| 580 | 582500 | 7389966500 | 7390549000 |
| 585 | 650000 | 7146983000 | 7147633000 |
| 590 | 717500 | 6904316000 | 6905033500 |
| 595 | 786000 | 6662331500 | 6663117500 |
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
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.