This page reflects BTDR 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 — BTDR
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $13.50 (0.22 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$13.50
Nearest expiry
Expected Move
±$1.17
±8.8%
Days to Expiry
2
Calendar days
Total Call OI
9,223
Nearest expiry
Total Put OI
16,671
Nearest expiry
P/C OI Ratio
1.81
Put-heavy
Spot Price
$13.28
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$10.00
5/8/2026, 11:04:07 PM
2026-05-15
$12.00
5/15/2026, 11:04:28 PM
2026-05-22NextUpdated
$13.50
5/20/2026, 11:06:43 PM
2026-05-29
$13.00
5/20/2026, 11:06:43 PM
2026-06-05
$13.00
5/20/2026, 11:06:43 PM
2026-06-12
$13.00
5/20/2026, 11:06:43 PM
2026-06-18
$10.00
5/20/2026, 11:06:43 PM
2026-06-26
$13.00
5/20/2026, 11:06:43 PM
2026-07-17
$12.50
5/20/2026, 11:06:43 PM
2026-09-18
$10.00
5/20/2026, 11:06:43 PM
2026-12-18
$10.00
5/20/2026, 11:06:43 PM
2027-01-15
$12.50
5/20/2026, 11:06:43 PM
Selected expiration: 2026-05-22 at max pain $13.50.
BTDR pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
12609700
12609700
3.5
100
11782800
11782900
4
300
10956450
10956750
4.5
850
10130350
10131200
5
1450
9304250
9305700
5.5
2150
8478200
8480350
6
2900
7652300
7655200
6.5
3700
6826500
6830200
7
4700
6002450
6007150
7.5
5850
5179200
5185050
8
8250
4606550
4614800
8.5
11900
4034100
4046000
9
15750
3463500
3479250
9.5
20350
2959800
2980150
10
25000
2461650
2486650
10.5
30250
1964700
1994950
11
37900
1515950
1553850
11.5
46150
1078250
1124400
12
55000
645900
700900
12.5
65800
341450
407250
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.