This page reflects XLB 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 — XLB
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-10 shows max pain at $51.50 (0.51 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$51.50
Nearest expiry
Expected Move
±$2.77
±5.3%
Days to Expiry
8
Calendar days
Total Call OI
572
Nearest expiry
Total Put OI
690
Nearest expiry
P/C OI Ratio
1.21
Put-heavy
Spot Price
$52.01
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-10
Expiration
Max Pain Strike
Last Updated
2026-06-26
$51.00
6/26/2026, 11:35:54 PM
2026-07-02
$50.50
7/2/2026, 11:38:12 PM
2026-07-10NextUpdated
$51.50
7/3/2026, 11:33:01 PM
2026-07-17
$51.00
7/3/2026, 11:33:01 PM
2026-07-24
$52.00
7/3/2026, 11:33:01 PM
2026-07-31
$52.00
7/3/2026, 11:33:01 PM
2026-08-07
$48.00
7/3/2026, 11:33:01 PM
2026-08-21
$52.00
7/3/2026, 11:33:01 PM
2026-09-18
$50.00
7/3/2026, 11:33:01 PM
2026-12-18
$48.00
7/3/2026, 11:33:01 PM
2027-01-15
$50.00
7/3/2026, 11:33:01 PM
2027-03-19
$47.00
7/3/2026, 11:33:01 PM
2027-06-17
$45.00
7/3/2026, 11:33:01 PM
Selected expiration: 2026-07-10 at max pain $51.50.
XLB pain by strike for 2026-07-10 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
390650
390650
45.5
0
356350
356350
46
0
322650
322650
47
0
257350
257350
48
0
192350
192350
48.5
0
160750
160750
49
0
131000
131000
49.5
0
102050
102050
50
350
75700
76050
50.5
1150
53900
55050
51
5600
34750
40350
51.5
15150
18050
33200
52
28150
10250
38400
52.5
53250
4350
57600
53
78950
2100
81050
53.5
105100
0
105100
54
131550
0
131550
54.5
158850
0
158850
55
186150
0
186150
58
356550
0
356550
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.