BTU max pain
From the closing options book · October 20, 2026 · updated after every close
BTU's max pain for the October 23, 2026 expiration was 24 at the October 20, 2026 close, +6.0% from BTU's 22.65 close. Max pain is the price at which option holders' total intrinsic value at expiry would be smallest.
BTU close vs max pain, last 20 sessions
| Session | Close | Max pain | Gap |
|---|---|---|---|
| Oct 20 | 22.65 | 24 | +6.0% |
| Oct 19 | 23.77 | 24.5 | +3.1% |
| Oct 16 | 23.89 | 25 | +4.6% |
| Oct 15 | 24.02 | 25 | +4.1% |
| Oct 14 | 23.46 | 25 | +6.6% |
| Oct 13 | 25.21 | 25 | −0.8% |
| Oct 12 | 25.08 | 25 | −0.3% |
| Oct 9 | 25.13 | 25 | −0.5% |
| Oct 8 | 25.00 | 24.5 | −2.0% |
| Oct 7 | 24.85 | 24.5 | −1.4% |
| Oct 6 | 25.43 | 25 | −1.7% |
| Oct 5 | 25.50 | 25 | −2.0% |
| Oct 2 | 24.81 | 25 | +0.8% |
| Oct 1 | 24.74 | 25.5 | +3.1% |
| Sep 30 | 24.39 | 25.5 | +4.6% |
| Sep 29 | 24.37 | 26 | +6.7% |
| Sep 28 | 25.15 | 27 | +7.4% |
| Sep 25 | 25.44 | 27 | +6.1% |
| Sep 24 | 25.68 | 28.5 | +11.0% |
| Sep 23 | 26.41 | 28.5 | +7.9% |
The session before, max pain sat at 24.5.
Open interest within 45 days stood at 2,445 calls and 4,482 puts, a put/call ratio of 1.83. On the day, 384 calls and 969 puts traded.
Max pain is a property of the open-interest book, not a forecast: price has no obligation to finish there, and on most days it does not. It is most useful as a reference for where the expiring book is balanced.
These are the October 20, 2026 closing numbers. Members see BTU's map move live all session.
Common questions
24 for the October 23, 2026 expiration, from open interest at the October 20, 2026 close.
By open interest 1.83; by volume 2.52 on October 20, 2026.
Not reliably. Max pain describes where the expiring options book is balanced; it is a reference level, not a prediction.
Compare: max pain on other tickers
Measured from the closing options book and rebuilt after every close. Nothing on this page is live. Levels are where dealer hedging is concentrated, not targets or forecasts. Not investment advice.