This page reflects APA 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 — APA
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $37.00 (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
$37.00
Nearest expiry
Expected Move
±$1.60
±4.1%
Days to Expiry
2
Calendar days
Total Call OI
5,243
Nearest expiry
Total Put OI
2,133
Nearest expiry
P/C OI Ratio
0.41
Put-heavy
Spot Price
$39.32
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
$39.00
5/8/2026, 11:02:50 PM
2026-05-15
$37.00
5/15/2026, 11:03:28 PM
2026-05-22NextUpdated
$37.00
5/20/2026, 11:03:16 PM
2026-05-29
$39.00
5/20/2026, 11:03:16 PM
2026-06-05
$37.00
5/20/2026, 11:03:16 PM
2026-06-12
$40.00
5/20/2026, 11:03:16 PM
2026-06-18
$27.50
5/20/2026, 11:03:16 PM
2026-06-26
$36.00
5/20/2026, 11:03:16 PM
2026-07-17
$37.50
5/20/2026, 11:03:16 PM
2026-09-18
$35.00
5/20/2026, 11:03:16 PM
2026-10-16
$35.00
5/20/2026, 11:03:16 PM
2026-12-18
$35.00
5/20/2026, 11:03:16 PM
2027-01-15
$20.00
5/20/2026, 11:03:16 PM
2027-03-19
$32.50
5/20/2026, 11:03:16 PM
Selected expiration: 2026-05-22 at max pain $37.00.
APA pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
24
0
2730850
2730850
25
0
2517850
2517850
26
0
2304950
2304950
27
0
2092350
2092350
28
0
1880450
1880450
29
0
1669250
1669250
30
0
1459150
1459150
31
400
1254050
1254450
31.5
700
1152650
1153350
32
1100
1051250
1052350
32.5
4900
951000
955900
33
10050
851450
861500
33.5
19100
752600
771700
34
29650
657150
686800
34.5
40600
564900
605500
35
51550
476500
528050
35.5
64700
414700
479400
36
78350
353900
432250
36.5
94500
304000
398500
37
116300
256350
372650
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.