This page reflects CB 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 — CB
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $310.00 (18.38 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$310.00
Nearest expiry
Expected Move
±$15.65
±4.8%
Days to Expiry
29
Calendar days
Total Call OI
6,618
Nearest expiry
Total Put OI
3,081
Nearest expiry
P/C OI Ratio
0.47
Put-heavy
Spot Price
$328.38
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
$320.00
4/17/2026, 11:07:24 PM
2026-05-15
$315.00
5/15/2026, 11:09:17 PM
2026-06-18NextUpdated
$310.00
5/20/2026, 11:07:49 PM
2026-07-17
$320.00
5/20/2026, 11:07:49 PM
2026-08-21
$320.00
5/20/2026, 11:07:49 PM
2026-09-18
$320.00
5/20/2026, 11:07:49 PM
2026-11-20
$310.00
5/20/2026, 11:07:49 PM
2026-12-18
$325.00
5/20/2026, 11:07:49 PM
2027-01-15
$300.00
5/20/2026, 11:07:49 PM
2027-03-19
$280.00
5/20/2026, 11:07:49 PM
Selected expiration: 2026-06-18 at max pain $310.00.
CB pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
140
0
48251500
48251500
175
3500
37478500
37482000
185
4500
34401500
34406000
190
5000
32863000
32868000
195
5500
31326500
31332000
200
11500
29792000
29803500
210
23500
26725000
26748500
220
36500
23669000
23705500
230
51500
20626000
20677500
240
68500
17583000
17651500
245
79000
16157500
16236500
250
90500
14732000
14822500
260
125500
11963000
12088500
265
153000
10628500
10781500
270
180500
9298000
9478500
275
227500
8003500
8231000
280
276500
6719000
6995500
285
418500
5613500
6032000
290
560500
4540000
5100500
295
733500
3596000
4329500
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.