This page reflects STEP 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 — STEP
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $50.00 (8.87 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$50.00
Nearest expiry
Expected Move
±$4.33
±10.5%
Days to Expiry
15
Calendar days
Total Call OI
141
Nearest expiry
Total Put OI
1,283
Nearest expiry
P/C OI Ratio
9.10
Put-heavy
Spot Price
$41.13
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$50.00
5/15/2026, 11:38:48 PM
2026-06-18
$45.00
6/18/2026, 11:33:17 PM
2026-07-17NextUpdated
$50.00
7/3/2026, 11:32:28 PM
2026-08-21
$40.00
7/3/2026, 11:32:28 PM
2026-09-18
$40.00
7/3/2026, 11:32:28 PM
2026-12-18
$45.00
7/3/2026, 11:32:28 PM
Selected expiration: 2026-07-17 at max pain $50.00.
STEP pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
2957000
2957000
30
1000
2315500
2316500
35
25000
1674000
1699000
40
50000
1035500
1085500
45
84000
454000
538000
50
119500
0
119500
55
181500
0
181500
60
251000
0
251000
65
321500
0
321500
70
392000
0
392000
75
462500
0
462500
80
533000
0
533000
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.