This page reflects BTG 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 — BTG
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $0.50 (4.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$0.50
Nearest expiry
Expected Move
±$0.22
±4.8%
Days to Expiry
2
Calendar days
Total Call OI
4,491
Nearest expiry
Total Put OI
674
Nearest expiry
P/C OI Ratio
0.15
Put-heavy
Spot Price
$4.67
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
$4.00
5/8/2026, 11:03:56 PM
2026-05-15
$4.00
5/15/2026, 11:08:30 PM
2026-05-22NextUpdated
$0.50
5/20/2026, 11:06:06 PM
2026-05-29
$0.50
5/20/2026, 11:06:06 PM
2026-06-05
$4.50
5/20/2026, 11:06:06 PM
2026-06-12
$0.50
5/20/2026, 11:06:06 PM
2026-06-18
$4.00
5/20/2026, 11:06:06 PM
2026-06-26
$4.50
5/20/2026, 11:06:06 PM
2026-07-17
$4.50
5/20/2026, 11:06:06 PM
2026-08-21
$5.00
5/20/2026, 11:06:06 PM
2026-10-16
$4.50
5/20/2026, 11:06:06 PM
2026-11-20
$4.50
5/20/2026, 11:06:06 PM
2027-01-15
$3.00
5/20/2026, 11:06:06 PM
Selected expiration: 2026-05-22 at max pain $0.50.
BTG pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
0.5
0
281400
281400
1
112750
247900
360650
1.5
226800
214550
441350
2
341200
181350
522550
2.5
456050
148150
604200
3
571550
114950
686500
3.5
687700
81750
769450
4
804050
48650
852700
4.5
923050
25200
948250
5
1051000
7700
1058700
5.5
1241150
2300
1243450
6
1453750
1300
1455050
6.5
1678000
450
1678450
7
1902550
100
1902650
7.5
2127100
0
2127100
8
2351650
0
2351650
8.5
2576200
0
2576200
9
2800750
0
2800750
10
3249850
0
3249850
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.