This page reflects TEX 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 — TEX
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $65.00 (3.16 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$5.78
±8.5%
Days to Expiry
15
Calendar days
Total Call OI
4,255
Nearest expiry
Total Put OI
3,059
Nearest expiry
P/C OI Ratio
0.72
Put-heavy
Spot Price
$68.16
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
$60.00
5/15/2026, 11:37:47 PM
2026-06-18
$60.00
6/18/2026, 11:39:13 PM
2026-07-17NextUpdated
$65.00
7/3/2026, 11:33:32 PM
2026-08-21
$70.00
7/3/2026, 11:33:32 PM
2026-10-16
$60.00
7/3/2026, 11:33:32 PM
2027-01-15
$45.00
7/3/2026, 11:33:32 PM
Selected expiration: 2026-07-17 at max pain $65.00.
TEX pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
9775000
9775000
35
500
8248000
8248500
36
600
7944200
7944800
37
700
7641000
7641700
38
800
7339000
7339800
39
900
7037300
7038200
40
1000
6737000
6738000
41
1200
6437900
6439100
42
1400
6139700
6141100
43
1600
5842400
5844000
44
1800
5545600
5547400
45
2000
5250100
5252100
46
2800
4957900
4960700
47
3900
4666300
4670200
48
5000
4374900
4379900
49
6100
4086100
4092200
50
7300
3798500
3805800
55
18800
2368000
2386800
60
56800
966500
1023300
65
444800
102000
546800
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.