This page reflects CLS 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 — CLS
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $360.00 (13.52 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$360.00
Nearest expiry
Expected Move
±$10.50
±3.0%
Days to Expiry
2
Calendar days
Total Call OI
5,523
Nearest expiry
Total Put OI
8,221
Nearest expiry
P/C OI Ratio
1.49
Put-heavy
Spot Price
$346.48
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
$395.00
5/8/2026, 11:10:04 PM
2026-05-15
$350.00
5/15/2026, 11:09:12 PM
2026-05-22NextUpdated
$360.00
5/20/2026, 11:08:40 PM
2026-05-29
$370.00
5/20/2026, 11:08:40 PM
2026-06-05
$375.00
5/20/2026, 11:08:40 PM
2026-06-12
$360.00
5/20/2026, 11:08:40 PM
2026-06-18
$310.00
5/20/2026, 11:08:40 PM
2026-06-26
$350.00
5/20/2026, 11:08:40 PM
2026-07-17
$330.00
5/20/2026, 11:08:40 PM
2026-09-18
$330.00
5/20/2026, 11:08:40 PM
2026-12-18
$300.00
5/20/2026, 11:08:40 PM
2027-01-15
$230.00
5/20/2026, 11:08:40 PM
2027-02-19
$320.00
5/20/2026, 11:08:40 PM
2027-03-19
$530.00
5/20/2026, 11:08:40 PM
Selected expiration: 2026-05-22 at max pain $360.00.
CLS pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
145
0
144327000
144327000
150
1000
140218000
140219000
155
2500
136109000
136111500
165
6500
127891000
127897500
170
9000
123782000
123791000
175
11500
119675000
119686500
180
14000
115569500
115583500
185
18000
111464000
111482000
190
22500
107358500
107381000
200
32500
99149500
99182000
205
60000
95045500
95105500
210
87500
90942500
91030000
215
115000
86849000
86964000
220
143000
82784000
82927000
225
171500
78914000
79085500
230
201500
75048000
75249500
235
232000
71209000
71441000
240
262500
67384000
67646500
245
294000
63563500
63857500
250
326000
59745000
60071000
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.