This page reflects AES 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 — AES
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $14.50 (0.23 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$14.50
Nearest expiry
Expected Move
±$0.29
±2.0%
Days to Expiry
2
Calendar days
Total Call OI
3,180
Nearest expiry
Total Put OI
5,472
Nearest expiry
P/C OI Ratio
1.72
Put-heavy
Spot Price
$14.73
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$14.50
5/8/2026, 11:01:42 PM
2026-05-15
$14.50
5/15/2026, 11:01:42 PM
2026-05-22NextUpdated
$14.50
5/20/2026, 11:02:25 PM
2026-05-29
$14.00
5/20/2026, 11:02:25 PM
2026-06-05
$15.00
5/20/2026, 11:02:25 PM
2026-06-12
$15.00
5/20/2026, 11:02:25 PM
2026-06-18
$14.00
5/20/2026, 11:02:25 PM
2026-06-26
$14.50
5/20/2026, 11:02:25 PM
2026-07-17
$14.00
5/20/2026, 11:02:25 PM
2026-08-21
$14.00
5/20/2026, 11:02:25 PM
2026-11-20
$15.00
5/20/2026, 11:02:25 PM
2027-01-15
$13.00
5/20/2026, 11:02:25 PM
Selected expiration: 2026-05-22 at max pain $14.50.
AES pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
10
0
2236300
2236300
12
1600
1141900
1143500
13
2700
594700
597400
13.5
3250
321200
324450
14
3800
47800
51600
14.5
14100
9000
23100
15
121700
7600
129300
15.5
280700
6800
287500
16
439700
6300
446000
25
3301700
0
3301700
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.