This page reflects CI 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 — CI
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $290.00 (6.90 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$290.00
Nearest expiry
Expected Move
±$5.65
±2.0%
Days to Expiry
2
Calendar days
Total Call OI
1,459
Nearest expiry
Total Put OI
1,548
Nearest expiry
P/C OI Ratio
1.06
Put-heavy
Spot Price
$283.10
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
$280.00
5/8/2026, 11:07:08 PM
2026-05-15
$282.50
5/15/2026, 11:10:24 PM
2026-05-22NextUpdated
$290.00
5/20/2026, 11:08:20 PM
2026-05-29
$285.00
5/20/2026, 11:08:20 PM
2026-06-05
$275.00
5/20/2026, 11:08:20 PM
2026-06-12
$290.00
5/20/2026, 11:08:20 PM
2026-06-18
$290.00
5/20/2026, 11:08:20 PM
2026-06-26
$275.00
5/20/2026, 11:08:20 PM
2026-07-17
$260.00
5/20/2026, 11:08:20 PM
2026-09-18
$270.00
5/20/2026, 11:08:20 PM
2026-10-16
$280.00
5/20/2026, 11:08:20 PM
2026-12-18
$280.00
5/20/2026, 11:08:20 PM
2027-01-15
$180.00
5/20/2026, 11:08:20 PM
2027-03-19
$280.00
5/20/2026, 11:08:20 PM
Selected expiration: 2026-05-22 at max pain $290.00.
CI pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
195
0
14298000
14298000
225
0
9663000
9663000
230
0
8891000
8891000
235
0
8123000
8123000
245
0
6598000
6598000
250
0
5840500
5840500
255
0
5085000
5085000
260
500
4334500
4335000
262.5
750
3964000
3964750
265
1000
3593750
3594750
267.5
1250
3224000
3225250
270
1500
2854500
2856000
272.5
2500
2499500
2502000
275
3500
2148500
2152000
277.5
8000
1799750
1807750
280
12500
1457000
1469500
282.5
59250
1123500
1182750
285
106250
793000
899250
287.5
182750
498000
680750
290
268000
333500
601500
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.