This page reflects AX 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 — AX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $90.00 (4.03 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$90.00
Nearest expiry
Expected Move
±$3.90
±4.5%
Days to Expiry
29
Calendar days
Total Call OI
159
Nearest expiry
Total Put OI
789
Nearest expiry
P/C OI Ratio
4.96
Put-heavy
Spot Price
$85.97
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
$87.50
4/17/2026, 11:04:49 PM
2026-05-15
$85.00
5/15/2026, 11:06:34 PM
2026-06-18NextUpdated
$90.00
5/20/2026, 11:05:32 PM
2026-07-17
$80.00
5/20/2026, 11:05:32 PM
2026-08-21
$87.50
5/20/2026, 11:05:32 PM
2026-10-16
$90.00
5/20/2026, 11:05:32 PM
2027-01-15
$80.00
5/20/2026, 11:05:32 PM
Selected expiration: 2026-06-18 at max pain $90.00.
AX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
1405500
1405500
75
0
1018000
1018000
80
5000
637000
642000
85
10000
281500
291500
87.5
13000
103750
116750
90
19750
1000
20750
92.5
29500
500
30000
95
39750
250
40000
97.5
53750
0
53750
100
86250
0
86250
105
159250
0
159250
110
233750
0
233750
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.