This page reflects WM 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 — WM
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $220.00 (10.40 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$220.00
Nearest expiry
Expected Move
±$7.60
±3.3%
Days to Expiry
15
Calendar days
Total Call OI
5,535
Nearest expiry
Total Put OI
2,704
Nearest expiry
P/C OI Ratio
0.49
Put-heavy
Spot Price
$230.40
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
$220.00
5/15/2026, 11:46:53 PM
2026-06-18
$220.00
6/18/2026, 11:34:03 PM
2026-07-17NextUpdated
$220.00
7/3/2026, 11:33:44 PM
2026-08-21
$220.00
7/3/2026, 11:33:44 PM
2026-09-18
$210.00
7/3/2026, 11:33:44 PM
2026-10-16
$220.00
7/3/2026, 11:33:44 PM
2026-12-18
$200.00
7/3/2026, 11:33:44 PM
2027-01-15
$200.00
7/3/2026, 11:33:44 PM
2027-03-19
$220.00
7/3/2026, 11:33:44 PM
2027-06-17
$195.00
7/3/2026, 11:33:44 PM
Selected expiration: 2026-07-17 at max pain $220.00.
WM pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
135
0
19897500
19897500
140
1000
18545500
18546500
145
2000
17194000
17196000
150
3000
15843500
15846500
155
4000
14494000
14498000
160
5000
13146500
13151500
165
8500
11799500
11808000
170
12000
10453500
10465500
175
15500
9112000
9127500
180
20000
7781000
7801000
185
24500
6455000
6479500
190
30500
5158500
5189000
195
38500
3939500
3978000
200
55000
2819000
2874000
210
123000
1285000
1408000
220
468000
301000
769000
230
1516000
5000
1521000
240
4345000
2000
4347000
250
8965000
0
8965000
260
14215000
0
14215000
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.