This page reflects BMI 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 — BMI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $120.00 (1.94 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$120.00
Nearest expiry
Expected Move
±$10.40
±8.8%
Days to Expiry
29
Calendar days
Total Call OI
354
Nearest expiry
Total Put OI
268
Nearest expiry
P/C OI Ratio
0.76
Put-heavy
Spot Price
$118.06
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
$155.00
4/17/2026, 11:07:01 PM
2026-05-15
$115.00
5/15/2026, 11:06:45 PM
2026-06-18NextUpdated
$120.00
5/20/2026, 11:06:04 PM
2026-08-21
$130.00
5/20/2026, 11:06:04 PM
2026-11-20
$120.00
5/20/2026, 11:06:04 PM
Selected expiration: 2026-06-18 at max pain $120.00.
BMI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
85
0
706500
706500
90
0
574500
574500
95
1500
445500
447000
100
3000
319500
322500
105
5000
219500
224500
110
7500
140000
147500
115
14000
75500
89500
120
41500
30500
72000
125
77500
8000
85500
130
159500
2500
162000
135
257500
1500
259000
140
366500
1000
367500
145
485000
500
485500
150
610000
0
610000
155
756000
0
756000
185
1800000
0
1800000
200
2323500
0
2323500
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.