This page reflects SW 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 — SW
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $40.00 (5.93 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$3.20
±7.0%
Days to Expiry
15
Calendar days
Total Call OI
19,729
Nearest expiry
Total Put OI
1,532
Nearest expiry
P/C OI Ratio
0.08
Put-heavy
Spot Price
$45.93
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
$40.00
5/15/2026, 11:38:56 PM
2026-06-18
$40.00
6/18/2026, 11:31:37 PM
2026-07-17NextUpdated
$40.00
7/3/2026, 11:29:13 PM
2026-08-21
$45.00
7/3/2026, 11:29:13 PM
2026-10-16
$40.00
7/3/2026, 11:29:13 PM
2027-01-15
$40.00
7/3/2026, 11:29:13 PM
Selected expiration: 2026-07-17 at max pain $40.00.
SW pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
17.5
0
3221500
3221500
22.5
500
2456500
2457000
25
1000
2074000
2075000
30
2500
1321000
1323500
35
6000
626000
632000
40
28000
123500
151500
45
535000
5000
540000
50
4114000
0
4114000
55
13584000
0
13584000
60
23121500
0
23121500
65
32980500
0
32980500
70
42841500
0
42841500
75
52702500
0
52702500
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.