This page reflects ALK 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 — ALK
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $40.00 (0.15 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$5.88
±14.7%
Days to Expiry
29
Calendar days
Total Call OI
15,535
Nearest expiry
Total Put OI
11,537
Nearest expiry
P/C OI Ratio
0.74
Put-heavy
Spot Price
$39.85
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
$42.50
4/17/2026, 11:03:24 PM
2026-05-15
$40.00
5/15/2026, 11:02:19 PM
2026-06-18NextUpdated
$40.00
5/20/2026, 11:02:30 PM
2026-07-17
$40.00
5/20/2026, 11:02:30 PM
2026-09-18
$45.00
5/20/2026, 11:02:30 PM
2026-10-16
$42.50
5/20/2026, 11:02:30 PM
2026-12-18
$45.00
5/20/2026, 11:02:30 PM
2027-01-15
$45.00
5/20/2026, 11:02:30 PM
Selected expiration: 2026-06-18 at max pain $40.00.
ALK pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
19973500
19973500
22.5
17500
17116000
17133500
25
38750
14409250
14448000
27.5
87000
11772750
11859750
30
154750
9199750
9354500
32.5
255500
6746500
7002000
35
372250
4852750
5225000
37.5
1355750
3314000
4669750
40
2423500
2177500
4601000
42.5
3744500
1462500
5207000
45
5460500
931000
6391500
47.5
7579500
573000
8152500
50
10198500
253250
10451750
52.5
13015750
58500
13074250
55
15955250
9500
15964750
57.5
18965250
4000
18969250
60
22021500
0
22021500
62.5
25371750
0
25371750
65
28763500
0
28763500
67.5
32373750
0
32373750
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.