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.
| settle_price | holder_payout_usd_mm |
|---|---|
| 730 | 11149.2 |
| 731 | 10358 |
| 732 | 9578.6 |
| 733 | 8819.9 |
| 734 | 8067.7 |
| 735 | 7325.2 |
| 736 | 6613.8 |
| 737 | 5914.5 |
| 738 | 5233 |
| 739 | 4574.6 |
| 740 | 3940.9 |
| 741 | 3401.5 |
| 742 | 2909.8 |
| 743 | 2490.1 |
| 744 | 2166.9 |
| 745 | 1960 |
| 746 | 1898.2 |
| 747 | 1940.2 |
| 748 | 2071.2 |
| 749 | 2272.8 |
| 750 | 2523 |
| 751 | 2882.3 |
| 752 | 3287.3 |
| 753 | 3740.9 |
| 754 | 4233.4 |
| 755 | 4755.6 |
| 756 | 5323.4 |
| 757 | 5907.3 |
| 758 | 6505.3 |
| 759 | 7116.7 |
| 760 | 7736.8 |
| 761 | 8396.5 |
| 762 | 9061.5 |
| 763 | 9731.7 |
| 764 | 10406.4 |
| 765 | 11083.9 |
- Rows × columns
- 36 × 2
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
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.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
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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