This page reflects TREE 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 — TREE
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $40.00 (5.00 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
±$4.75
±10.6%
Days to Expiry
15
Calendar days
Total Call OI
2,408
Nearest expiry
Total Put OI
1,161
Nearest expiry
P/C OI Ratio
0.48
Put-heavy
Spot Price
$45.00
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
$35.00
5/15/2026, 11:41:18 PM
2026-06-18
$35.00
6/18/2026, 11:35:05 PM
2026-07-17NextUpdated
$40.00
7/3/2026, 11:29:00 PM
2026-08-21
$40.00
7/3/2026, 11:29:00 PM
2026-10-16
$35.00
7/3/2026, 11:29:00 PM
2027-01-15
$30.00
7/3/2026, 11:29:00 PM
Selected expiration: 2026-07-17 at max pain $40.00.
TREE pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
2235000
2235000
22.5
500
1946500
1947000
25
1000
1658000
1659000
30
3000
1093000
1096000
35
9000
597500
606500
40
25500
161000
186500
45
304000
25000
329000
50
698500
11500
710000
55
1402500
2500
1405000
60
2410000
1500
2411500
65
3538000
500
3538500
70
4689000
0
4689000
75
5864000
0
5864000
80
7067000
0
7067000
85
8270000
0
8270000
100
11882000
0
11882000
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.