This page reflects DLR 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 — DLR
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $187.50 (3.15 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$187.50
Nearest expiry
Expected Move
±$4.17
±2.2%
Days to Expiry
2
Calendar days
Total Call OI
408
Nearest expiry
Total Put OI
464
Nearest expiry
P/C OI Ratio
1.14
Put-heavy
Spot Price
$190.65
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
$195.00
5/8/2026, 11:10:46 PM
2026-05-15
$195.00
5/15/2026, 11:13:25 PM
2026-05-22NextUpdated
$187.50
5/20/2026, 11:10:15 PM
2026-05-29
$192.50
5/20/2026, 11:10:15 PM
2026-06-05
$195.00
5/20/2026, 11:10:15 PM
2026-06-12
$195.00
5/20/2026, 11:10:15 PM
2026-06-18
$180.00
5/20/2026, 11:10:15 PM
2026-06-26
$190.00
5/20/2026, 11:10:15 PM
2026-07-17
$180.00
5/20/2026, 11:10:15 PM
2026-09-18
$180.00
5/20/2026, 11:10:15 PM
2026-10-16
$190.00
5/20/2026, 11:10:15 PM
2026-12-18
$160.00
5/20/2026, 11:10:15 PM
2027-01-15
$175.00
5/20/2026, 11:10:15 PM
2027-03-19
$190.00
5/20/2026, 11:10:15 PM
Selected expiration: 2026-05-22 at max pain $187.50.
DLR pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
135
0
1702250
1702250
160
0
544750
544750
165
0
438250
438250
170
0
333750
333750
175
1000
232250
233250
177.5
2750
183000
185750
180
4500
139250
143750
182.5
8000
98000
106000
185
11500
61000
72500
187.5
27500
39250
66750
190
65750
20500
86250
192.5
118750
11500
130250
195
174750
6500
181250
197.5
234000
4750
238750
200
294250
3000
297250
202.5
365000
1500
366500
205
437500
0
437500
210
609000
0
609000
215
792000
0
792000
220
994500
0
994500
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.