This page reflects CPA 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 — CPA
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $120.00 (15.63 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$120.00
Nearest expiry
Expected Move
±$12.40
±9.1%
Days to Expiry
29
Calendar days
Total Call OI
402
Nearest expiry
Total Put OI
947
Nearest expiry
P/C OI Ratio
2.36
Put-heavy
Spot Price
$135.63
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
$120.00
4/17/2026, 11:08:39 PM
2026-05-15
$120.00
5/15/2026, 11:09:31 PM
2026-06-18NextUpdated
$120.00
5/20/2026, 11:08:52 PM
2026-07-17
$130.00
5/20/2026, 11:08:52 PM
2026-08-21
$125.00
5/20/2026, 11:08:52 PM
2026-11-20
$115.00
5/20/2026, 11:08:52 PM
2026-12-18
$115.00
5/20/2026, 11:08:52 PM
2027-01-15
$105.00
5/20/2026, 11:08:52 PM
Selected expiration: 2026-06-18 at max pain $120.00.
CPA pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
4324500
4324500
80
0
3404500
3404500
85
0
2951000
2951000
90
0
2500000
2500000
95
0
2050000
2050000
100
0
1607000
1607000
105
0
1186500
1186500
110
0
784000
784000
115
5500
394500
400000
120
15000
26500
41500
125
35000
9500
44500
130
88000
3500
91500
135
176000
1000
177000
140
320500
0
320500
145
506500
0
506500
150
700500
0
700500
155
897500
0
897500
165
1295500
0
1295500
175
1696500
0
1696500
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.