This page reflects AER options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 20, 2026 close
Max Pain — AER
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $140.00 (0.55 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$140.00
Nearest expiry
Expected Move
±$8.65
±6.2%
Days to Expiry
29
Calendar days
Total Call OI
2,192
Nearest expiry
Total Put OI
892
Nearest expiry
P/C OI Ratio
0.41
Put-heavy
Spot Price
$139.45
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-06-18
Expiration
Max Pain Strike
Last Updated
2026-04-17
$135.00
4/17/2026, 11:01:34 PM
2026-05-15
$140.00
5/15/2026, 11:01:42 PM
2026-06-18NextUpdated
$140.00
5/20/2026, 11:01:33 PM
2026-07-17
$145.00
5/20/2026, 11:01:33 PM
2026-09-18
$100.00
5/20/2026, 11:01:33 PM
2026-10-16
$140.00
5/20/2026, 11:01:33 PM
2027-01-15
$75.00
5/20/2026, 11:01:33 PM
Selected expiration: 2026-06-18 at max pain $140.00.
AER pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
95
0
3853000
3853000
100
0
3407500
3407500
115
1500
2072500
2074000
120
2000
1633500
1635500
125
2500
1196000
1198500
130
3000
770000
773000
135
6000
403500
409500
140
9000
110000
119000
145
269500
32000
301500
150
735500
1500
737000
155
1627000
0
1627000
160
2667500
0
2667500
165
3718500
0
3718500
170
4789000
0
4789000
195
10266500
0
10266500
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.