This page reflects CBRE 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 — CBRE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $135.00 (3.88 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$135.00
Nearest expiry
Expected Move
±$10.30
±7.9%
Days to Expiry
29
Calendar days
Total Call OI
3,829
Nearest expiry
Total Put OI
3,172
Nearest expiry
P/C OI Ratio
0.83
Put-heavy
Spot Price
$131.12
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
$140.00
4/17/2026, 11:06:53 PM
2026-05-15
$140.00
5/15/2026, 11:06:39 PM
2026-06-18NextUpdated
$135.00
5/20/2026, 11:04:18 PM
2026-07-17
$145.00
5/20/2026, 11:04:18 PM
2026-09-18
$140.00
5/20/2026, 11:04:18 PM
2026-12-18
$140.00
5/20/2026, 11:04:18 PM
2027-01-15
$150.00
5/20/2026, 11:04:18 PM
Selected expiration: 2026-06-18 at max pain $135.00.
CBRE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
16412500
16412500
80
0
13240500
13240500
85
0
11674500
11674500
95
0
8542500
8542500
100
0
6977000
6977000
105
7000
5416500
5423500
110
14000
3863000
3877000
115
21000
2319500
2340500
120
30500
1611000
1641500
125
49000
991000
1040000
130
70000
603000
673000
135
137500
317000
454500
140
912500
93500
1006000
145
1819500
19500
1839000
150
2869500
3000
2872500
155
4225500
0
4225500
160
5836000
0
5836000
165
7527000
0
7527000
170
9238000
0
9238000
175
10982500
0
10982500
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.