Nearest listed expiration 2026-07-10 shows max pain at $54.00 (0.78 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$54.00
Nearest expiry
Expected Move
±$1.40
±2.6%
Days to Expiry
8
Calendar days
Total Call OI
7,608
Nearest expiry
Total Put OI
12,688
Nearest expiry
P/C OI Ratio
1.67
Put-heavy
Spot Price
$53.22
Published close
Consensus
4.5/10
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
2026-06-30
$65.00
6/30/2026, 11:37:05 PM
2026-07-02
$53.50
7/2/2026, 11:38:17 PM
2026-07-10NextUpdated
$54.00
7/3/2026, 11:33:27 PM
2026-07-17
$56.00
7/3/2026, 11:33:27 PM
2026-07-24
$55.00
7/3/2026, 11:33:27 PM
2026-07-31
$54.00
7/3/2026, 11:33:27 PM
2026-08-07
$54.00
7/3/2026, 11:33:27 PM
2026-08-21
$54.00
7/3/2026, 11:33:27 PM
2026-09-18
$57.50
7/3/2026, 11:33:27 PM
2026-09-30
$48.00
7/3/2026, 11:33:27 PM
2026-10-16
$55.00
7/3/2026, 11:33:27 PM
2026-11-20
$55.00
7/3/2026, 11:33:27 PM
2026-12-18
$57.50
7/3/2026, 11:33:27 PM
2026-12-31
$48.00
7/3/2026, 11:33:27 PM
2027-01-15
$52.50
7/3/2026, 11:33:27 PM
2027-03-19
$60.00
7/3/2026, 11:33:27 PM
2027-03-31
$60.00
7/3/2026, 11:33:27 PM
2027-06-17
$55.00
7/3/2026, 11:33:27 PM
Selected expiration: 2026-07-10 at max pain $54.00.
XLE pain by strike for 2026-07-10 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
15476350
15476350
45
0
9133850
9133850
48
600
5328950
5329550
49
800
4067550
4068350
50
1000
2807950
2808950
51
1300
1725750
1727050
51.5
1500
1242250
1243750
52
1800
787300
789100
52.5
2950
443250
446200
53
12050
144700
156750
53.5
27750
93950
121700
54
50800
51900
102700
54.5
96650
30750
127400
55
156800
13950
170750
55.5
243550
7000
250550
56
350350
2100
352450
56.5
470950
0
470950
57
654000
0
654000
57.5
853350
0
853350
58
1054850
0
1054850
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.