This page reflects UBS 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 — UBS
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $47.50 (3.54 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$47.50
Nearest expiry
Expected Move
±$2.30
±4.5%
Days to Expiry
15
Calendar days
Total Call OI
2,021
Nearest expiry
Total Put OI
1,510
Nearest expiry
P/C OI Ratio
0.75
Put-heavy
Spot Price
$51.04
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, 11:41:30 PM
2026-06-18
$45.00
6/18/2026, 11:36:25 PM
2026-07-17NextUpdated
$47.50
7/3/2026, 11:33:17 PM
2026-08-21
$47.50
7/3/2026, 11:33:17 PM
2026-11-20
$45.00
7/3/2026, 11:33:17 PM
2027-01-15
$47.50
7/3/2026, 11:33:17 PM
2027-02-19
$50.00
7/3/2026, 11:33:17 PM
Selected expiration: 2026-07-17 at max pain $47.50.
UBS pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
27.5
0
2936000
2936000
30
50000
2562500
2612500
32.5
100000
2190750
2290750
35
150000
1819250
1969250
37.5
200000
1453000
1653000
40
250000
1101000
1351000
42.5
304750
756000
1060750
45
370500
437250
807750
47.5
454250
173500
627750
50
634750
5000
639750
52.5
891000
0
891000
55
1330750
0
1330750
60
2321250
0
2321250
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.