Nearest listed expiration 2026-10-05 shows max pain at $62.00 (0.82 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$62.00
Nearest expiry
Expected Move
±$0.78
±1.2%
Days to Expiry
3
Calendar days
Total Call OI
2,623
Nearest expiry
Total Put OI
6,725
Nearest expiry
P/C OI Ratio
2.56
Put-heavy
Spot Price
$62.82
Published close
Consensus
4.5/10
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-05
Expiration
Max Pain Strike
Last Updated
2026-09-30
$62.00
9/30/2026, 11:34:50 PM
2026-10-02Updated
$62.00
10/2/2026, 11:34:24 PM
2026-10-05Next
$62.00
10/2/2026, 11:34:24 PM
2026-10-07
$62.00
10/2/2026, 11:34:24 PM
2026-10-09
$62.50
10/2/2026, 11:34:24 PM
2026-10-16
$63.00
10/2/2026, 11:34:24 PM
2026-10-23
$62.50
10/2/2026, 11:34:24 PM
2026-10-30
$62.50
10/2/2026, 11:34:24 PM
2026-11-06
$62.00
10/2/2026, 11:34:24 PM
2026-11-20
$62.00
10/2/2026, 11:34:24 PM
2026-12-18
$60.00
10/2/2026, 11:34:24 PM
2026-12-31
$48.00
10/2/2026, 11:34:24 PM
2027-01-15
$55.00
10/2/2026, 11:34:24 PM
2027-03-19
$60.00
10/2/2026, 11:34:24 PM
2027-03-31
$60.00
10/2/2026, 11:34:24 PM
2027-06-17
$55.00
10/2/2026, 11:34:24 PM
2027-06-30
$57.00
10/2/2026, 11:34:24 PM
2027-09-17
$65.00
10/2/2026, 11:34:24 PM
Selected expiration: 2026-10-05 at max pain $62.00.
XLE pain by strike for 2026-10-05 expiration
Strike
Call Pain
Put Pain
Total Pain
54
0
3424200
3424200
55
600
2751700
2752300
56
1200
2079600
2080800
57
2000
1407500
1409500
58
3100
753600
756700
59
4400
226600
231000
60
5800
118800
124600
61
8200
45100
53300
62
11800
11400
23200
63
140300
4300
144600
64
327400
1500
328900
65
532400
0
532400
66
773200
0
773200
67
1035200
0
1035200
68
1297400
0
1297400
70
1822000
0
1822000
71
2084300
0
2084300
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.