This page reflects AIR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — AIR
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $120.00 (11.56 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
±$11.95
±11.0%
Days to Expiry
28
Calendar days
Total Call OI
146
Nearest expiry
Total Put OI
297
Nearest expiry
P/C OI Ratio
2.03
Put-heavy
Spot Price
$108.44
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
5/21/2026, 11:02:21 PM
2026-08-21
$95.00
5/21/2026, 11:02:21 PM
2026-11-20
$120.00
5/21/2026, 11:02:21 PM
2026-12-18
$85.00
5/21/2026, 11:02:21 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
582500
582500
95
0
440500
440500
100
3000
306000
309000
105
8000
173000
181000
110
15000
78000
93000
115
26000
23000
49000
120
48000
0
48000
125
82000
0
82000
130
118500
0
118500
135
172000
0
172000
140
242000
0
242000
145
312500
0
312500
150
384500
0
384500
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.