This page reflects AON 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 — AON
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $320.00 (1.15 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$320.00
Nearest expiry
Expected Move
±$19.25
±6.0%
Days to Expiry
29
Calendar days
Total Call OI
710
Nearest expiry
Total Put OI
182
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$321.15
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
$330.00
4/17/2026, 11:03:53 PM
2026-05-15
$320.00
5/15/2026, 11:02:56 PM
2026-06-18NextUpdated
$320.00
5/20/2026, 11:02:49 PM
2026-07-17
$320.00
5/20/2026, 11:02:49 PM
2026-08-21
$290.00
5/20/2026, 11:02:49 PM
2026-10-16
$320.00
5/20/2026, 11:02:49 PM
2027-01-15
$240.00
5/20/2026, 11:02:49 PM
Selected expiration: 2026-06-18 at max pain $320.00.
AON pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
185
0
2039000
2039000
250
0
882000
882000
260
0
706000
706000
270
1000
538000
539000
280
2000
391000
393000
290
3000
262000
265000
300
4000
158000
162000
310
5000
76000
81000
320
12000
28000
40000
330
42000
1000
43000
340
251000
0
251000
350
556000
0
556000
360
1045000
0
1045000
370
1638000
0
1638000
380
2337000
0
2337000
390
3038000
0
3038000
400
3741000
0
3741000
480
9381000
0
9381000
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.