This page reflects CW 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 — CW
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $700.00 (26.65 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$700.00
Nearest expiry
Expected Move
±$61.50
±8.5%
Days to Expiry
29
Calendar days
Total Call OI
333
Nearest expiry
Total Put OI
547
Nearest expiry
P/C OI Ratio
1.64
Put-heavy
Spot Price
$726.65
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
$680.00
4/17/2026, 11:10:53 PM
2026-05-15
$700.00
5/15/2026, 11:11:22 PM
2026-06-18NextUpdated
$700.00
5/20/2026, 11:09:36 PM
2026-08-21
$690.00
5/20/2026, 11:09:36 PM
2026-09-18
$630.00
5/20/2026, 11:09:36 PM
2026-11-20
$650.00
5/20/2026, 11:09:36 PM
2026-12-18
$660.00
5/20/2026, 11:09:36 PM
Selected expiration: 2026-06-18 at max pain $700.00.
CW pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
300
0
19711000
19711000
320
0
18619000
18619000
330
0
18075000
18075000
340
0
17532000
17532000
350
0
16989000
16989000
360
0
16446000
16446000
370
0
15904000
15904000
380
2000
15363000
15365000
390
4000
14822000
14826000
400
6000
14281000
14287000
410
9000
13742000
13751000
420
13000
13204000
13217000
430
18000
12666000
12684000
440
23000
12130000
12153000
450
28000
11636000
11664000
460
33000
11144000
11177000
480
43000
10160000
10203000
500
55000
9176000
9231000
510
62000
8684000
8746000
530
78000
7700000
7778000
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.