This page reflects XEL 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 — XEL
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $75.00 (3.60 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$75.00
Nearest expiry
Expected Move
±$3.08
±4.3%
Days to Expiry
14
Calendar days
Total Call OI
2,206
Nearest expiry
Total Put OI
4,277
Nearest expiry
P/C OI Ratio
1.94
Put-heavy
Spot Price
$71.40
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
$80.00
8/21/2026, 11:37:11 PM
2026-09-18
$80.00
9/18/2026, 11:36:38 PM
2026-10-16NextUpdated
$75.00
10/2/2026, 11:29:07 PM
2026-11-20
$75.00
10/2/2026, 11:29:07 PM
2026-12-18
$75.00
10/2/2026, 11:29:07 PM
2027-01-15
$75.00
10/2/2026, 11:29:07 PM
2027-03-19
$75.00
10/2/2026, 11:29:07 PM
2027-06-17
$70.00
10/2/2026, 11:29:07 PM
2027-09-17
$70.00
10/2/2026, 11:29:07 PM
Selected expiration: 2026-10-16 at max pain $75.00.
XEL pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
8891000
8891000
50
0
6762500
6762500
55
0
4721500
4721500
60
0
2682000
2682000
65
0
1630500
1630500
70
20000
619000
639000
75
178000
0
178000
80
461000
0
461000
85
1501000
0
1501000
90
2594000
0
2594000
110
7004000
0
7004000
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.