This page reflects STLD 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 — STLD
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $230.00 (1.99 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$230.00
Nearest expiry
Expected Move
±$13.90
±6.0%
Days to Expiry
14
Calendar days
Total Call OI
1,721
Nearest expiry
Total Put OI
642
Nearest expiry
P/C OI Ratio
0.37
Put-heavy
Spot Price
$231.99
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
$220.00
8/21/2026, 11:28:16 PM
2026-09-18
$210.00
9/18/2026, 11:29:46 PM
2026-10-16NextUpdated
$230.00
10/2/2026, 11:25:51 PM
2026-11-20
$250.00
10/2/2026, 11:25:51 PM
2026-12-18
$230.00
10/2/2026, 11:25:51 PM
2027-01-15
$185.00
10/2/2026, 11:25:51 PM
2027-02-19
$160.00
10/2/2026, 11:25:51 PM
2027-03-19
$250.00
10/2/2026, 11:25:51 PM
2027-05-21
$240.00
10/2/2026, 11:25:51 PM
2027-06-17
$170.00
10/2/2026, 11:25:51 PM
2027-09-17
$240.00
10/2/2026, 11:25:51 PM
Selected expiration: 2026-10-16 at max pain $230.00.
STLD pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
165
0
3694500
3694500
170
0
3374000
3374000
175
500
3054000
3054500
180
1000
2735000
2736000
185
1500
2416500
2418000
190
2000
2098000
2100000
195
2500
1782500
1785000
200
3000
1471000
1474000
210
5000
887000
892000
220
8000
436000
444000
230
46000
166000
212000
240
146000
71000
217000
250
628000
0
628000
260
1471000
0
1471000
270
2692000
0
2692000
280
4130000
0
4130000
290
5664000
0
5664000
300
7235000
0
7235000
310
8845000
0
8845000
320
10496000
0
10496000
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.