SPX · expected move and max pain by expiry
S&P 500 Index is priced to move 0.6% by 2026-Nov-10, with max pain at 7550.00.
Options price a ±0.55% move (about $41.50) by 2026-Nov-10 (Tue), a range of 7459.57 to 7542.57 from the last price of 7501.07. Max pain for that expiry is 7550.00.
SPX
S&P 500 Index
Last
7501.07 -48.87 (-0.6%)
Next expiry move
±0.55% 1 day
Implied vol
10.6% 1 days
Put / call
1.09
Market open
Fetched 2026-11-10, 11:25:50 AM ET
Fetched 2026-11-10, 11:25:50 AM ET
expected range last price 7501.07 max painAxis 7329 to 7673, shared by every row
Expiry
Expected range (1 SD)
Expected move
Max pain
Odds inside
2026-Nov-10Tue, 1 day
7459.57
7542.57
Expected move±0.55%±$41.50
Max pain7550.000.7% above last price
Odds of closing inside68%put/call 1.09
2026-Nov-11Wed, 1 day
7414.84
7587.30
Expected move±1.15%±$86.23
Max pain7580.001.1% above last price
Odds of closing inside68%put/call 1.16
2026-Nov-12Thu, 2 days
7389.72
7612.42
Expected move±1.48%±$111.35
Max pain7600.001.3% above last price
Odds of closing inside68%put/call 1.38
2026-Nov-13Fri, 3 days
7368.82
7633.32
Expected move±1.76%±$132.25
Max pain7580.001.1% above last price
Odds of closing inside68%put/call 1.10
2026-Nov-16Mon, 6 days
7347.73
7654.41
Expected move±2.04%±$153.34
Max pain7630.001.7% above last price
Odds of closing inside68%put/call 1.32
Chart it: open SPX on TradingView and mark 7459.57 and 7542.57 to watch the 2026-Nov-10 range against the price. Partner link: we may earn a commission if you take a paid plan.
Key levels from open interest
7225.00 / 7690.00
The heaviest put open interest near the price sits at 7225.00 and the heaviest call open interest at 7690.00, weighted toward strikes close to the last price. Price sometimes gravitates toward large open interest into expiry.
SPX max pain by expiry
S&P 500 Index's max pain for 2026-Nov-10 is 7550.00, 0.7% above the last price. It is the strike at which the calls and puts open for that expiry would pay out the least in total, computed from open interest. Price sometimes drifts toward it in the final session because of dealer hedging; treat it as a reference level, not a target. How max pain is calculated.
| Expiry | Max pain | From last price | Put/call |
|---|---|---|---|
| 2026-Nov-10 Tue | 7550.00 | +0.7% | 1.09 |
| 2026-Nov-11 Wed | 7580.00 | +1.1% | 1.16 |
| 2026-Nov-12 Thu | 7600.00 | +1.3% | 1.38 |
| 2026-Nov-13 Fri | 7580.00 | +1.1% | 1.10 |
| 2026-Nov-16 Mon | 7630.00 | +1.7% | 1.32 |
SPX put/call ratio
The put/call ratio for the 2026-Nov-10 expiry is 1.09: close to even between puts and calls. Readings well below 0.7 are often read as complacent and above 1.2 as fearful, and extremes are sometimes taken as contrarian signals, but on index products like SPY a high ratio is normal because puts are bought as insurance. It is a sentiment gauge, not a direction call. What the ratio measures and what it does not, or compare it with every tracked stock's put/call ratio today.
Reading the SPX expected move table
Each row is one expiry. The shaded band is the one-standard-deviation range the option chain implies for SPX on that date: the market gives roughly a two-in-three chance that SPX closes inside it and a one-in-three chance it closes outside. The black tick is the last traded price, 7501.07. The diamond is max pain, the strike where option holders would collect the least if the stock settled there.
The range widens with time because uncertainty compounds with the square root of time: the 2026-Nov-16 range (±2.04%) is wider than the 2026-Nov-10 range (±0.55%) even though the daily volatility behind both is the same. Read the methodology for the formulas, or the guide to what the expected move means in practice.
SPX here is the S&P 500 Index itself, not a fund that follows it. Its options settle in cash, and this page reads the afternoon-settled series (SPXW), which trades until the close and settles on the closing level, so each range is for the close on that date. The morning-settled monthly contracts, which stop trading a day earlier, are left out.
Figures are derived from delayed public option data and recalculated through the trading day. Nothing on this page is investment advice. Machine-readable version: /api/expected-move/SPX. Every ticker the site tracks is listed at /stocks.
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