This page reflects AIR 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 — AIR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $120.00 (12.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$120.00
Nearest expiry
Expected Move
±$12.45
±11.6%
Days to Expiry
29
Calendar days
Total Call OI
136
Nearest expiry
Total Put OI
223
Nearest expiry
P/C OI Ratio
1.64
Put-heavy
Spot Price
$107.51
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
$110.00
4/17/2026, 11:01:52 PM
2026-05-15
$90.00
5/15/2026, 11:01:48 PM
2026-06-18NextUpdated
$120.00
5/20/2026, 11:02:05 PM
2026-08-21
$95.00
5/20/2026, 11:02:05 PM
2026-11-20
$120.00
5/20/2026, 11:02:05 PM
2026-12-18
$85.00
5/20/2026, 11:02:05 PM
Selected expiration: 2026-06-18 at max pain $120.00.
AIR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
90
0
447500
447500
95
0
342500
342500
100
3000
245000
248000
105
8000
149000
157000
110
15000
78500
93500
115
25500
23000
48500
120
42500
0
42500
125
71500
0
71500
130
103000
0
103000
135
151500
0
151500
140
216500
0
216500
145
282000
0
282000
150
349000
0
349000
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.