This page reflects BAND 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 — BAND
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $40.00 (17.96 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$10.50
±18.1%
Days to Expiry
29
Calendar days
Total Call OI
6,380
Nearest expiry
Total Put OI
4,429
Nearest expiry
P/C OI Ratio
0.69
Put-heavy
Spot Price
$57.96
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
$10.00
4/17/2026, 11:05:55 PM
2026-05-15
$45.00
5/15/2026, 11:05:05 PM
2026-06-18NextUpdated
$40.00
5/20/2026, 11:05:05 PM
2026-07-17
$60.00
5/20/2026, 11:05:05 PM
2026-08-21
$2.50
5/20/2026, 11:05:05 PM
2026-11-20
$2.50
5/20/2026, 11:05:05 PM
2027-02-19
$25.00
5/20/2026, 11:05:05 PM
2027-03-19
$45.00
5/20/2026, 11:05:05 PM
Selected expiration: 2026-06-18 at max pain $40.00.
BAND pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
14422250
14422250
5
750
13440750
13441500
7.5
1500
12460500
12462000
12.5
3000
10510500
10513500
15
3750
9538000
9541750
17.5
4500
8571000
8575500
20
5500
7604000
7609500
22.5
7750
6642000
6649750
25
11250
5684000
5695250
30
20750
3773000
3793750
35
50750
1956000
2006750
40
259250
238500
497750
45
508750
125500
634250
50
843250
56000
899250
55
1450750
27000
1477750
60
2190250
10000
2200250
65
4114750
5000
4119750
70
7167250
0
7167250
75
10276750
0
10276750
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.