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Total payout to option holders at each candidate settlement price, SPY July 17 2026

Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-07-31, from What Is Max Pain in Options? The Real Math.

as of table 36×2read in context →
Total payout to option holders at each candidate settlement price, SPY July 17 2026 — 36 rows by 2 columns, computed from US exchange, SIP and OPRA data.
settle_priceholder_payout_usd_mm
73011149.2
73110358
7329578.6
7338819.9
7348067.7
7357325.2
7366613.8
7375914.5
7385233
7394574.6
7403940.9
7413401.5
7422909.8
7432490.1
7442166.9
7451960
7461898.2
7471940.2
7482071.2
7492272.8
7502523
7512882.3
7523287.3
7533740.9
7544233.4
7554755.6
7565323.4
7575907.3
7586505.3
7597116.7
7607736.8
7618396.5
7629061.5
7639731.7
76410406.4
76511083.9
Rows × columns
36 × 2
Computed
Completeness
No missing values
Source
US exchange, SIP and OPRA market data
Licence
Strasmore terms · free, no signup
Formats
JSON · CSV · the SQL below

What each column holds

Column definitions for Total payout to option holders at each candidate settlement price, SPY July 17 2026, derived from the stored result.
ColumnTypeRangeNotes
settle_price number 730 to 765 US dollars
holder_payout_usd_mm number 1,898.2 to 11,149.2 US dollars

Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.

the exact SQL behind every number 
WITH chain AS (
    SELECT intDiv(toUInt32OrZero(substring(ticker, length(ticker) - 7, 8)), 1000) AS strike,
           substring(ticker, length(ticker) - 8, 1)                              AS opt_type,
           sum(toFloat64(volume))                                                AS contracts
    FROM global_markets.options_minute_aggs
    WHERE window_start >= toDateTime('2026-06-18 08:00:00')
      AND window_start <  toDateTime('2026-07-18 04:00:00')
      AND startsWith(ticker, 'O:SPY260717')
    GROUP BY strike, opt_type
),
candidates AS (
    SELECT DISTINCT strike AS settle FROM chain WHERE strike BETWEEN 730 AND 765
)
SELECT candidates.settle AS settle_price,
       round(sum(multiIf(chain.opt_type = 'C' AND chain.strike < candidates.settle,
                         chain.contracts * (candidates.settle - chain.strike),
                         chain.opt_type = 'P' AND chain.strike > candidates.settle,
                         chain.contracts * (chain.strike - candidates.settle),
                         0)) * 100 / 1e6, 1) AS holder_payout_usd_mm
FROM candidates CROSS JOIN chain
GROUP BY settle_price
ORDER BY settle_price

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