Nearest listed expiration 2026-10-05 shows max pain at $54.50 (1.01 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$54.50
Nearest expiry
Expected Move
±$0.57
±1.1%
Days to Expiry
3
Calendar days
Total Call OI
1,115
Nearest expiry
Total Put OI
7,970
Nearest expiry
P/C OI Ratio
7.15
Put-heavy
Spot Price
$53.49
Published close
Consensus
7.0/10
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
2026-10-01
$54.50
10/1/2026, 11:35:11 PM
2026-10-02Updated
$54.00
10/2/2026, 11:35:05 PM
2026-10-05Next
$54.50
10/2/2026, 11:35:05 PM
2026-10-06
$54.00
10/2/2026, 11:35:05 PM
2026-10-07
$54.00
10/2/2026, 11:35:05 PM
2026-10-08
$55.00
10/2/2026, 11:35:05 PM
2026-10-09
$55.00
10/2/2026, 11:35:05 PM
2026-10-16
$56.00
10/2/2026, 11:35:05 PM
2026-10-23
$55.00
10/2/2026, 11:35:05 PM
2026-10-30
$55.00
10/2/2026, 11:35:05 PM
2026-11-06
$54.00
10/2/2026, 11:35:05 PM
2026-11-20
$56.00
10/2/2026, 11:35:05 PM
2026-12-18
$53.00
10/2/2026, 11:35:05 PM
2026-12-31
$52.00
10/2/2026, 11:35:05 PM
2027-01-15
$55.00
10/2/2026, 11:35:05 PM
2027-03-19
$55.00
10/2/2026, 11:35:05 PM
2027-03-31
$58.00
10/2/2026, 11:35:05 PM
2027-06-17
$57.00
10/2/2026, 11:35:05 PM
2027-06-30
$55.00
10/2/2026, 11:35:05 PM
2027-09-17
$56.00
10/2/2026, 11:35:05 PM
Selected expiration: 2026-10-05 at max pain $54.50.
XLF pain by strike for 2026-10-05 expiration
Strike
Call Pain
Put Pain
Total Pain
46
0
5625300
5625300
49
0
3237600
3237600
50
0
2443400
2443400
51
0
1649800
1649800
51.5
50
1255150
1255200
52
100
862750
862850
52.5
150
473100
473250
53
200
197550
197750
53.5
250
117000
117250
54
7950
49150
57100
54.5
30700
19450
50150
55
64450
300
64750
55.5
110050
250
110300
56
160100
200
160300
56.5
212600
150
212750
57
265200
100
265300
58
375900
0
375900
59
486600
0
486600
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.