SPY MAX PAINOpen interest as of the 2026-10-07 close
$773.00SPY max pain, 2026-10-09 expiration
-0.09%Versus spot 773.69 recorded with the chain
$770.00Monthly OPEX max pain, 2026-10-16
558,236 / 707,895Call / put open interest, 2026-10-09
Max pain is computed from open interest as of the prior close. It is a positioning reference, not a price target and not a forecast. How max pain is calculated.
Max pain by expiration for SPY: the nearest expirations, this week and the monthly OPEX, from open interest as of the prior close. For dealer gamma by strike and key levels, see the SPY ticker page. SPX has its own page: SPX max pain.
SPY max pain by expiration
Expiration
Max pain
Vs spot
Call OI
Put OI
Strikes
2026-10-09
$773.00
-0.09%
558,236
707,895
174
2026-10-12
$775.00
+0.17%
65,101
109,403
135
2026-10-13
$776.00
+0.30%
32,113
30,241
40
2026-10-14
$775.00
+0.17%
101,101
31,079
40
2026-10-15
$775.00
+0.17%
13,903
23,290
40
2026-10-16Monthly
$770.00
-0.48%
280,084
268,089
40
Pain curve, 2026-10-09
Total payout to call and put holders if SPY settled at each strike on 2026-10-09. Lowest bar: max pain, 773. Dashed line: spot recorded with the chain, 773.69.
Pain curve, 2026-10-16 (monthly OPEX)
Total payout to call and put holders if SPY settled at each strike on 2026-10-16. Lowest bar: max pain, 770. Dashed line: spot recorded with the chain, 773.69.
Open interest as of the 2026-10-07 close. Chain read 2026-10-08 15:57 ET from the Cboe delayed option chain and the Schwab option chain.
How SPY max pain is calculated
For each expiration, every strike is tried as a settlement price. At each one, the intrinsic value of every call below it and every put above it is multiplied by its open interest and the 100-share multiplier, and the strike where that total payout is lowest is max pain. The pain curve plots that total at each strike.
Open interest is the count of contracts outstanding, published once per day after the close, so every figure here is as of the prior close and does not move with the price during the session. Open interest does not show whether a position is hedged or part of a spread. Where a chain carries only the strikes nearest spot, a minimum on the first or last strike read is flagged. Max pain is not a price target and not a forecast.
COMMON QUESTIONS
What is SPY max pain today?
For the 2026-10-09 expiration, SPY max pain is $773.00, computed from open interest as of the 2026-10-07 close. The table on this page lists the next expirations and the monthly OPEX.
Is SPY max pain a price target?
No. Max pain is the settlement price at which outstanding options would pay their holders the least, a positioning reference from open interest. Stocks often settle away from it; news, flow and changing open interest can matter more.
When does SPY max pain change?
Open interest is published once per day, after each close, so max pain normally changes once per session. Spot moves during the day do not change it.