What Is Max Pain in Options? The Real Math
SPY contracts traded by strike, July 17 2026 expiryranking ·
2026-07-31 · 22×3
Minimising strike vs settlement close: SPY monthly expirations, Feb to Jul 2026table ·
2026-07-31 · 6×5
The six lowest-payout candidate strikes, SPY July 17 2026 expiryranking ·
2026-07-31 · 6×2
Total payout to option holders at each candidate settlement price, SPY July 17 2026table ·
2026-07-31 · 36×2
SPY contracts traded by strike, July 17 2026 expiry
SPY contracts traded by strike, July 17 2026 expiry
| strike | call_contracts_k | put_contracts_k |
|---|---|---|
| 736 | 8 | 113.2 |
| 737 | 8.3 | 168.9 |
| 738 | 9.5 | 222.8 |
| 739 | 10.8 | 235.1 |
| 740 | 99.8 | 843.7 |
| 741 | 45.6 | 430.9 |
| 742 | 114.8 | 606.3 |
| 743 | 235.4 | 728.4 |
| 744 | 401.6 | 762.7 |
| 745 | 649.6 | 800.4 |
| 746 | 549.4 | 488.7 |
| 747 | 626.6 | 263.8 |
| 748 | 467.1 | 238.5 |
| 749 | 323.4 | 162.1 |
| 750 | 598 | 493.5 |
| 751 | 305.7 | 151.3 |
| 752 | 331.9 | 154.6 |
| 753 | 257 | 131.5 |
| 754 | 210.8 | 86.2 |
| 755 | 361.8 | 94.4 |
| 756 | 148.2 | 13.3 |
| 757 | 131.7 | 8.1 |
the exact SQL behind every number
SELECT toString(strike_usd) AS strike,
round(sumIf(contracts, opt_type = 'C') / 1e3, 1) AS call_contracts_k,
round(sumIf(contracts, opt_type = 'P') / 1e3, 1) AS put_contracts_k
FROM (
SELECT intDiv(toUInt32OrZero(substring(ticker, length(ticker) - 7, 8)), 1000) AS strike_usd,
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')
AND intDiv(toUInt32OrZero(substring(ticker, length(ticker) - 7, 8)), 1000) BETWEEN 736 AND 757
GROUP BY strike_usd, opt_type
)
GROUP BY strike_usd, strike
ORDER BY strike_usd
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