This page reflects ALT 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 — ALT
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $0.50 (2.32 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$0.50
Nearest expiry
Expected Move
±$0.40
±14.2%
Days to Expiry
2
Calendar days
Total Call OI
1,515
Nearest expiry
Total Put OI
60
Nearest expiry
P/C OI Ratio
0.04
Put-heavy
Spot Price
$2.82
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
$3.00
5/8/2026, 11:02:44 PM
2026-05-15
$3.00
5/15/2026, 11:02:56 PM
2026-05-22NextUpdated
$0.50
5/20/2026, 11:01:58 PM
2026-05-29
$0.50
5/20/2026, 11:01:58 PM
2026-06-05
$0.50
5/20/2026, 11:01:58 PM
2026-06-12
$0.50
5/20/2026, 11:01:58 PM
2026-06-18
$3.00
5/20/2026, 11:01:58 PM
2026-06-26
$0.50
5/20/2026, 11:01:58 PM
2026-07-17
$3.00
5/20/2026, 11:01:58 PM
2026-09-18
$3.00
5/20/2026, 11:01:58 PM
2026-12-18
$3.00
5/20/2026, 11:01:58 PM
2027-01-15
$2.00
5/20/2026, 11:01:58 PM
Selected expiration: 2026-05-22 at max pain $0.50.
ALT pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
0.5
0
16450
16450
1
8100
13450
21550
1.5
17800
10600
28400
2
28500
7750
36250
2.5
39900
5050
44950
3
56550
3300
59850
3.5
109750
2200
111950
4
179550
1300
180850
4.5
252900
750
253650
5
326250
300
326550
5.5
401650
100
401750
6
477200
0
477200
6.5
552850
0
552850
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.