This page reflects TREX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — TREX
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $45.00 (1.44 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$0.80
±1.8%
Days to Expiry
14
Calendar days
Total Call OI
1,331
Nearest expiry
Total Put OI
418
Nearest expiry
P/C OI Ratio
0.31
Put-heavy
Spot Price
$43.56
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$42.50
8/21/2026, 11:30:03 PM
2026-09-18
$45.00
9/18/2026, 11:35:49 PM
2026-10-16NextUpdated
$45.00
10/2/2026, 11:30:32 PM
2026-11-20
$45.00
10/2/2026, 11:30:32 PM
2026-12-18
$40.00
10/2/2026, 11:30:32 PM
2027-01-15
$40.00
10/2/2026, 11:30:32 PM
2027-04-16
$40.00
10/2/2026, 11:30:32 PM
Selected expiration: 2026-10-16 at max pain $45.00.
TREX pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
858500
858500
22.5
0
755000
755000
25
0
652250
652250
27.5
0
550750
550750
30
3000
450500
453500
32.5
6750
358000
364750
35
10750
269000
279750
37.5
15250
186500
201750
40
24750
119000
143750
42.5
37000
62500
99500
45
49250
8750
58000
47.5
177250
0
177250
50
386500
0
386500
52.5
635000
0
635000
55
891250
0
891250
57.5
1171250
0
1171250
60
1457250
0
1457250
65
2122250
0
2122250
70
2787250
0
2787250
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.