This page reflects ARR options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — ARR
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $16.00 (0.72 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$16.00
Nearest expiry
Expected Move
±$0.98
±5.8%
Days to Expiry
28
Calendar days
Total Call OI
4,724
Nearest expiry
Total Put OI
1,545
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$16.72
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
$17.00
4/17/2026, 11:03:25 PM
2026-05-15
$18.00
5/15/2026, 11:04:41 PM
2026-06-18NextUpdated
$16.00
5/21/2026, 11:04:15 PM
2026-07-17
$17.00
5/21/2026, 11:04:15 PM
2026-10-16
$16.00
5/21/2026, 11:04:15 PM
2027-01-15
$17.00
5/21/2026, 11:04:15 PM
Selected expiration: 2026-06-18 at max pain $16.00.
ARR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
11
0
823700
823700
12
2800
669200
672000
14
8800
360200
369000
15
12300
208100
220400
16
94800
58300
153100
17
199900
9100
209000
18
503400
400
503800
19
958400
200
958600
20
1430800
0
1430800
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.