This page reflects BEN 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 — BEN
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $25.00 (6.20 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$25.00
Nearest expiry
Expected Move
±$2.42
±7.8%
Days to Expiry
29
Calendar days
Total Call OI
12,368
Nearest expiry
Total Put OI
2,696
Nearest expiry
P/C OI Ratio
0.22
Put-heavy
Spot Price
$31.20
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
$23.00
4/17/2026, 11:06:24 PM
2026-05-15
$25.00
5/15/2026, 11:06:53 PM
2026-06-18NextUpdated
$25.00
5/20/2026, 11:03:35 PM
2026-07-17
$26.00
5/20/2026, 11:03:35 PM
2026-10-16
$30.00
5/20/2026, 11:03:35 PM
2027-01-15
$25.00
5/20/2026, 11:03:35 PM
Selected expiration: 2026-06-18 at max pain $25.00.
BEN pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
4942150
4942150
7.5
0
4273650
4273650
10
0
3605150
3605150
12.5
0
2936650
2936650
15
0
2322900
2322900
17.5
500
1746400
1746900
19
5000
1412800
1417800
20
8000
1190700
1198700
21
11000
987700
998700
22.5
15500
687100
702600
24
64700
502750
567450
25
99700
380350
480050
26
285400
289150
574550
27.5
568450
171700
740150
29
1084600
94900
1179500
30
1450000
47000
1497000
31
1912200
21900
1934100
32.5
2694300
3000
2697300
34
4532850
0
4532850
35
5761650
0
5761650
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.