This page reflects BWA 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 — BWA
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $60.00 (2.95 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$60.00
Nearest expiry
Expected Move
±$6.35
±10.1%
Days to Expiry
29
Calendar days
Total Call OI
12,811
Nearest expiry
Total Put OI
5,853
Nearest expiry
P/C OI Ratio
0.46
Put-heavy
Spot Price
$62.95
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
$45.00
4/17/2026, 11:07:08 PM
2026-05-15
$55.00
5/15/2026, 11:03:38 PM
2026-06-18NextUpdated
$60.00
5/20/2026, 11:06:08 PM
2026-07-17
$52.50
5/20/2026, 11:06:08 PM
2026-10-16
$55.00
5/20/2026, 11:06:08 PM
2026-11-20
$55.00
5/20/2026, 11:06:08 PM
2026-12-18
$55.00
5/20/2026, 11:06:08 PM
2027-01-15
$40.00
5/20/2026, 11:06:08 PM
Selected expiration: 2026-06-18 at max pain $60.00.
BWA pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
32.5
0
15804500
15804500
37.5
1000
12878000
12879000
40
1500
11415250
11416750
42.5
2000
9954500
9956500
45
2750
8561500
8564250
47.5
3500
7172250
7175750
50
4250
5784250
5788500
52.5
6000
4406750
4412750
55
13250
3034750
3048000
57.5
28250
1683250
1711500
60
68250
357250
425500
62.5
449250
123000
572250
65
856500
47750
904250
67.5
3606750
18750
3625500
70
6415750
0
6415750
75
12575250
0
12575250
80
18798250
0
18798250
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.