SPY max pain
From the closing options book · October 20, 2026 · updated after every close
SPY's max pain for the October 21, 2026 expiration was 769 at the October 20, 2026 close, at the close from SPY's 769.05 close. Max pain is the price at which option holders' total intrinsic value at expiry would be smallest.
SPY close vs max pain, last 3 sessions
| Session | Close | Max pain | Gap |
|---|---|---|---|
| Oct 20 | 769.05 | 769 | at the close |
| Oct 19 | 766.48 | 770 | +0.5% |
| Oct 16 | 763.25 | 773 | +1.3% |
The session before, max pain sat at 770.
Open interest within 45 days stood at 553,131 calls and 882,770 puts, a put/call ratio of 1.6. On the day, 1,048,779 calls and 986,200 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 SPY's map move live all session.
Common questions
769 for the October 21, 2026 expiration, from open interest at the October 20, 2026 close.
By open interest 1.6; by volume 0.94 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.