This page reflects ATO 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 — ATO
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $175.00 (1.00 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$175.00
Nearest expiry
Expected Move
±$7.03
±4.0%
Days to Expiry
29
Calendar days
Total Call OI
892
Nearest expiry
Total Put OI
200
Nearest expiry
P/C OI Ratio
0.22
Put-heavy
Spot Price
$176.00
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
$175.00
4/17/2026, 11:05:47 PM
2026-05-15
$185.00
5/15/2026, 11:05:59 PM
2026-06-18NextUpdated
$175.00
5/20/2026, 11:04:47 PM
2026-07-17
$170.00
5/20/2026, 11:04:47 PM
2026-10-16
$175.00
5/20/2026, 11:04:47 PM
2027-01-15
$195.00
5/20/2026, 11:04:47 PM
Selected expiration: 2026-06-18 at max pain $175.00.
ATO pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
150
0
521500
521500
155
0
421500
421500
160
0
321500
321500
165
0
222000
222000
170
0
123000
123000
175
0
37500
37500
180
361500
22000
383500
185
793500
11500
805000
190
1226000
6000
1232000
195
1663000
5000
1668000
200
2108500
4000
2112500
220
3892500
0
3892500
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.