Real Estate Select Sector SPDRClose $44.68EOD only
Max Pain
$44.00
Next expiry Jul 17, 2026
Expected Move
±$2.65
5.9% from close
Price Gap
-0.68
Distance to max pain
IV Rank
11
Low premium
P/C OI
1.02
Balanced positioning
Consensus
—
No reports available
Published snapshot: Jul 2, 2026 close
End-of-day snapshot
This page reflects XLRE 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 — XLRE
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $44.00 (0.68 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$44.00
Nearest expiry
Expected Move
±$2.65
±5.9%
Days to Expiry
15
Calendar days
Total Call OI
1,838
Nearest expiry
Total Put OI
575
Nearest expiry
P/C OI Ratio
0.31
Put-heavy
Spot Price
$44.68
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$42.00
5/15/2026, 11:46:31 PM
2026-06-18
$43.00
6/18/2026, 11:38:50 PM
2026-07-17NextUpdated
$44.00
7/3/2026, 11:33:56 PM
2026-08-21
$42.00
7/3/2026, 11:33:56 PM
2026-11-20
$41.00
7/3/2026, 11:33:56 PM
2027-01-15
$41.00
7/3/2026, 11:33:56 PM
2027-02-19
$41.00
7/3/2026, 11:33:56 PM
Selected expiration: 2026-07-17 at max pain $44.00.
XLRE pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
461700
461700
36
400
404200
404600
39
1600
231700
233300
40
2000
174200
176200
41
2500
116900
119400
42
3000
60200
63200
43
3600
36100
39700
44
6100
15100
21200
45
35000
0
35000
46
133800
0
133800
47
312500
0
312500
48
492300
0
492300
49
675100
0
675100
50
857900
0
857900
51
1041700
0
1041700
52
1225500
0
1225500
53
1409300
0
1409300
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.