This page reflects XLB options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 5, 2026 close
Max Pain — XLB
Data as of market close Oct 5, 2026
Nearest listed expiration 2026-10-09 shows max pain at $49.50 (0.00 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$49.50
Nearest expiry
Expected Move
±$2.32
±4.7%
Days to Expiry
4
Calendar days
Total Call OI
1,053
Nearest expiry
Total Put OI
691
Nearest expiry
P/C OI Ratio
0.66
Put-heavy
Spot Price
$49.50
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-09
Expiration
Max Pain Strike
Last Updated
2026-09-25
$50.00
9/25/2026, 11:34:48 PM
2026-10-02
$49.50
10/2/2026, 11:34:42 PM
2026-10-09NextUpdated
$49.50
10/5/2026, 11:36:27 PM
2026-10-16
$50.00
10/5/2026, 11:36:27 PM
2026-10-23
$51.00
10/5/2026, 11:36:27 PM
2026-10-30
$50.50
10/5/2026, 11:36:27 PM
2026-11-06
$49.50
10/5/2026, 11:36:27 PM
2026-11-13
$51.00
10/5/2026, 11:36:27 PM
2026-11-20
$50.00
10/5/2026, 11:36:27 PM
2026-12-18
$50.00
10/5/2026, 11:36:27 PM
2027-01-15
$50.00
10/5/2026, 11:36:27 PM
2027-03-19
$51.00
10/5/2026, 11:36:27 PM
2027-06-17
$51.00
10/5/2026, 11:36:27 PM
Selected expiration: 2026-10-09 at max pain $49.50.
XLB pain by strike for 2026-10-09 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
580100
580100
41
0
511100
511100
46
0
166600
166600
46.5
350
132500
132850
47
700
106600
107300
47.5
1350
81300
82650
48
2100
57100
59200
48.5
5700
40400
46100
49
12000
25700
37700
49.5
21200
14600
35800
50
38550
6050
44600
50.5
63550
1400
64950
51
101350
750
102100
51.5
141600
350
141950
52
187350
150
187500
52.5
233600
0
233600
53
280150
0
280150
53.5
326750
0
326750
54
376850
0
376850
54.5
428200
0
428200
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.