This page reflects TAP 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 — TAP
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $42.50 (2.72 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.50
Nearest expiry
Expected Move
±$1.88
±4.7%
Days to Expiry
15
Calendar days
Total Call OI
3,438
Nearest expiry
Total Put OI
2,725
Nearest expiry
P/C OI Ratio
0.79
Put-heavy
Spot Price
$39.78
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
$42.50
5/15/2026, 11:39:57 PM
2026-06-18
$40.00
6/18/2026, 11:29:50 PM
2026-07-17NextUpdated
$42.50
7/3/2026, 11:28:08 PM
2026-08-21
$40.00
7/3/2026, 11:28:08 PM
2026-10-16
$42.50
7/3/2026, 11:28:08 PM
2027-01-15
$45.00
7/3/2026, 11:28:08 PM
Selected expiration: 2026-07-17 at max pain $42.50.
TAP pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
3952750
3952750
27.5
0
3271750
3271750
30
0
2592750
2592750
32.5
250
1918000
1918250
35
1250
1260500
1261750
37.5
5000
677000
682000
40
18250
370000
388250
42.5
122000
247250
369250
45
436250
174500
610750
47.5
942500
119000
1061500
50
1558000
63500
1621500
52.5
2248500
8000
2256500
55
2970000
0
2970000
57.5
3808250
0
3808250
60
4652250
0
4652250
62.5
5506250
0
5506250
65
6360500
0
6360500
70
8074000
0
8074000
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.