Nearest listed expiration 2026-07-08 shows max pain at $106.00 (2.02 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$106.00
Nearest expiry
Expected Move
±$3.69
±3.5%
Days to Expiry
6
Calendar days
Total Call OI
6,599
Nearest expiry
Total Put OI
4,348
Nearest expiry
P/C OI Ratio
0.66
Put-heavy
Spot Price
$103.98
Published close
Consensus
6.5/10
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-08
Expiration
Max Pain Strike
Last Updated
2026-07-01
$106.00
7/1/2026, 11:36:51 PM
2026-07-02
$105.00
7/2/2026, 11:37:08 PM
2026-07-08NextUpdated
$106.00
7/3/2026, 11:33:56 PM
2026-07-10
$108.00
7/3/2026, 11:33:56 PM
2026-07-17
$105.00
7/3/2026, 11:33:56 PM
2026-07-24
$110.00
7/3/2026, 11:33:56 PM
2026-07-31
$105.00
7/3/2026, 11:33:56 PM
2026-08-07
$105.00
7/3/2026, 11:33:56 PM
2026-08-21
$108.00
7/3/2026, 11:33:56 PM
2026-09-18
$125.00
7/3/2026, 11:33:56 PM
2026-10-16
$120.00
7/3/2026, 11:33:56 PM
2026-12-18
$125.00
7/3/2026, 11:33:56 PM
2027-01-15
$113.00
7/3/2026, 11:33:56 PM
2027-03-19
$125.00
7/3/2026, 11:33:56 PM
2027-06-17
$119.00
7/3/2026, 11:33:56 PM
Selected expiration: 2026-07-08 at max pain $106.00.
USO pain by strike for 2026-07-08 expiration
Strike
Call Pain
Put Pain
Total Pain
87
0
6785800
6785800
88
3200
6351000
6354200
89
6600
5916200
5922800
90
10100
5481400
5491500
91
13600
5048700
5062300
92
17100
4618000
4635100
93
20600
4196500
4217100
94
24100
3775700
3799800
95
27800
3361600
3389400
96
33500
2979400
3012900
97
39200
2598500
2637700
98
44900
2224400
2269300
99
50600
1874000
1924600
100
56300
1557400
1613700
101
79700
1311700
1391400
102
106000
1070700
1176700
103
132300
853600
985900
104
164600
672800
837400
105
205800
530000
735800
106
272400
417500
689900
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.