This page reflects AR 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 — AR
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $36.50 (1.48 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$36.50
Nearest expiry
Expected Move
±$1.17
±3.1%
Days to Expiry
2
Calendar days
Total Call OI
1,593
Nearest expiry
Total Put OI
45,513
Nearest expiry
P/C OI Ratio
28.57
Put-heavy
Spot Price
$37.98
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
$37.00
5/8/2026, 11:04:31 PM
2026-05-15
$37.00
5/15/2026, 11:03:04 PM
2026-05-22NextUpdated
$36.50
5/20/2026, 11:02:55 PM
2026-05-29
$37.50
5/20/2026, 11:02:55 PM
2026-06-05
$37.00
5/20/2026, 11:02:55 PM
2026-06-12
$36.00
5/20/2026, 11:02:55 PM
2026-06-18
$37.00
5/20/2026, 11:02:55 PM
2026-06-26
$36.00
5/20/2026, 11:02:55 PM
2026-07-17
$38.00
5/20/2026, 11:02:55 PM
2026-08-21
$39.00
5/20/2026, 11:02:55 PM
2026-09-18
$37.00
5/20/2026, 11:02:55 PM
2026-11-20
$38.00
5/20/2026, 11:02:55 PM
2027-01-15
$35.00
5/20/2026, 11:02:55 PM
Selected expiration: 2026-05-22 at max pain $36.50.
AR pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
24956300
24956300
30
500
2199800
2200300
31
600
666600
667200
32
700
534200
534900
32.5
900
470150
471050
33
1150
406100
407250
33.5
1750
343200
344950
34
2400
281750
284150
34.5
3050
224700
227750
35
3700
174900
178600
35.5
19950
130700
150650
36
38200
92350
130550
36.5
57900
64100
122000
37
81200
41800
123000
37.5
106750
29450
136200
38
136250
18850
155100
38.5
167650
12650
180300
39
203950
6800
210750
39.5
248600
4250
252850
40
296000
1900
297900
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.