SPY Max Pain
SPDR S&P 500 ETF Trust · open interest as of 2026-07-10 · spot $754.95 (2026-07-10 close) · updated nightly
Open interest by strike — 2026-07-13
■ Call OI ■ Put OI — strikes within ±15% of max pain.
SPY max pain by expiration
| Expiration | Max pain | Spot vs MP | P/C ratio | Call wall | Put wall | Call OI | Put OI |
|---|---|---|---|---|---|---|---|
| 2026-07-10 | $748 | +0.93% | 1.4 | $760 | $740 | 380,730 | 532,924 |
| 2026-07-13 · | $750 | +0.66% | 0.612 | $777 | $740 | 168,022 | 102,847 |
| 2026-07-14 | $748 | +0.93% | 0.595 | $940 | $729 | 85,024 | 50,557 |
| 2026-07-15 | $750 | +0.66% | 0.698 | $757 | $728 | 139,166 | 97,079 |
| 2026-07-16 | $750 | +0.66% | 1.379 | $750 | $740 | 13,188 | 18,185 |
| 2026-07-17 | $744 | +1.47% | 3.471 | $760 | $530 | 739,462 | 2,566,982 |
| 2026-07-20 | $747 | +1.06% | 1.946 | $845 | $505 | 16,012 | 31,152 |
| 2026-07-21 | $750 | +0.66% | 1.517 | $845 | $700 | 12,168 | 18,454 |
| 2026-07-22 | $750 | +0.66% | 1.121 | $745 | $742 | 7,251 | 8,126 |
| 2026-07-23 | $750 | +0.66% | 1.116 | $760 | $745 | 1,760 | 1,965 |
| 2026-07-24 | $742 | +1.75% | 1.046 | $758 | $700 | 149,030 | 155,858 |
| 2026-07-31 | $742 | +1.75% | 4.653 | $755 | $550 | 261,855 | 1,218,518 |
| 2026-08-07 | $748 | +0.93% | 1.975 | $750 | $720 | 40,155 | 79,292 |
| 2026-08-14 | $748 | +0.93% | 1.399 | $784 | $700 | 12,770 | 17,870 |
| 2026-08-21 | $740 | +2.02% | 3.391 | $775 | $550 | 507,126 | 1,719,650 |
What is max pain?
Max pain (or "maximum pain") is the strike price at which the greatest number of option buyers would lose money if SPY settled there at expiration. For each candidate settlement price, sum the intrinsic value of every in-the-money call and put weighted by open interest; the price that minimizes that total payout is the max pain point.
Some traders watch max pain because of the theory that prices tend to gravitate toward this level as expiration approaches ("pinning"). The academic evidence is mixed — treat it as a read on positioning, not a prediction. The call wall and put wall (largest single-strike open interest) are often watched as near-term resistance and support zones for the same reason. Full walkthrough with a worked example: what is max pain?
More SPY options data
Same open interest, different lens: the SPY gamma exposure (GEX) dashboard shows how dealer hedging of these contracts may dampen or amplify moves — net GEX, gamma flip level, and gamma walls.
Own SPY as a fund holding?
SPY is also one of the 73 ETFs we track for portfolio overlap. See which ETFs overlap most with SPY before adding it next to funds you already hold.
Max pain for other tickers
Derived metrics computed from end-of-day open interest (methodology); not raw market data, not investment advice. Open interest settles once daily — intraday moves are not reflected.