This page reflects BOX 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 — BOX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $25.00 (0.74 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
±$3.35
±13.0%
Days to Expiry
29
Calendar days
Total Call OI
3,656
Nearest expiry
Total Put OI
1,832
Nearest expiry
P/C OI Ratio
0.50
Put-heavy
Spot Price
$25.74
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, 11:06:52 PM
2026-05-15
$23.00
5/15/2026, 11:07:51 PM
2026-06-18NextUpdated
$25.00
5/20/2026, 11:06:28 PM
2026-07-17
$17.00
5/20/2026, 11:06:28 PM
2026-09-18
$23.00
5/20/2026, 11:06:28 PM
2026-12-18
$26.00
5/20/2026, 11:06:28 PM
2027-01-15
$28.00
5/20/2026, 11:06:28 PM
Selected expiration: 2026-06-18 at max pain $25.00.
BOX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
1616200
1616200
16
0
1433500
1433500
17
100
1251600
1251700
18
200
1069800
1070000
19
400
890800
891200
20
600
723900
724500
21
2000
569800
571800
22
5500
420600
426100
23
14400
295100
309500
24
26000
175500
201500
25
52500
65900
118400
26
222000
44900
266900
27
412000
27500
439500
28
624900
14100
639000
29
924100
8800
932900
30
1249200
3500
1252700
31
1584700
300
1585000
32
1924100
0
1924100
33
2266500
0
2266500
34
2614900
0
2614900
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.