This page reflects TNL 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 — TNL
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $72.50 (4.09 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$72.50
Nearest expiry
Expected Move
±$4.48
±5.8%
Days to Expiry
15
Calendar days
Total Call OI
1,922
Nearest expiry
Total Put OI
1,052
Nearest expiry
P/C OI Ratio
0.55
Put-heavy
Spot Price
$76.59
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
$65.00
5/15/2026, 11:41:41 PM
2026-06-18
$70.00
6/18/2026, 11:38:55 PM
2026-07-17NextUpdated
$72.50
7/3/2026, 11:28:02 PM
2026-08-21
$70.00
7/3/2026, 11:28:02 PM
2026-11-20
$57.50
7/3/2026, 11:28:02 PM
2027-02-19
$50.00
7/3/2026, 11:28:02 PM
Selected expiration: 2026-07-17 at max pain $72.50.
TNL pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
42.5
0
2890000
2890000
50
0
2101000
2101000
57.5
0
1312750
1312750
60
0
1050250
1050250
62.5
0
788000
788000
65
0
526000
526000
67.5
0
264500
264500
70
250
3750
4000
72.5
1000
1750
2750
75
3000
750
3750
77.5
181500
0
181500
80
361750
0
361750
82.5
821750
0
821750
85
1284250
0
1284250
95
3186250
0
3186250
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.