Babcock & Wilcox Enterprises, IClose $19.17EOD only
Max Pain
$18.00
Next expiry May 22, 2026
Expected Move
±$1.57
8.2% from close
Price Gap
-1.17
Distance to max pain
IV Rank
5
Low premium
P/C OI
0.19
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects BW 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 — BW
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $18.00 (1.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$1.57
±8.2%
Days to Expiry
2
Calendar days
Total Call OI
4,447
Nearest expiry
Total Put OI
1,449
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$19.17
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
$14.50
5/8/2026, 11:03:32 PM
2026-05-15
$12.50
5/15/2026, 11:06:05 PM
2026-05-22NextUpdated
$18.00
5/20/2026, 11:06:49 PM
2026-05-29
$16.00
5/20/2026, 11:06:49 PM
2026-06-05
$17.50
5/20/2026, 11:06:49 PM
2026-06-12
$19.00
5/20/2026, 11:06:49 PM
2026-06-18
$10.00
5/20/2026, 11:06:49 PM
2026-06-26
$17.50
5/20/2026, 11:06:49 PM
2026-07-17
$17.00
5/20/2026, 11:06:49 PM
2026-08-21
$10.00
5/20/2026, 11:06:49 PM
2026-11-20
$14.00
5/20/2026, 11:06:49 PM
2027-01-15
$2.00
5/20/2026, 11:06:49 PM
Selected expiration: 2026-05-22 at max pain $18.00.
BW pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
1704600
1704600
6
700
1559700
1560400
7
2100
1414800
1416900
8
3800
1269900
1273700
9
6800
1125400
1132200
9.5
8300
1053950
1062250
10
9950
982550
992500
10.5
11700
912400
924100
11
13500
842500
856000
11.5
15400
774850
790250
12
17950
707650
725600
12.5
20550
640850
661400
13
24750
575400
600150
13.5
29550
511100
540650
14
34500
451400
485900
14.5
39500
394950
434450
15
44550
338850
383400
15.5
62400
290650
353050
16
80450
247500
327950
16.5
99500
204550
304050
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.