This page reflects DRS 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 — DRS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $41.00 (3.56 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$41.00
Nearest expiry
Expected Move
±$4.05
±9.1%
Days to Expiry
29
Calendar days
Total Call OI
381
Nearest expiry
Total Put OI
141
Nearest expiry
P/C OI Ratio
0.37
Put-heavy
Spot Price
$44.56
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
$40.00
4/17/2026, 11:10:04 PM
2026-05-15
$40.00
5/15/2026, 11:14:04 PM
2026-06-18NextUpdated
$41.00
5/20/2026, 11:09:30 PM
2026-07-17
$40.00
5/20/2026, 11:09:30 PM
2026-10-16
$41.00
5/20/2026, 11:09:30 PM
2027-01-15
$38.00
5/20/2026, 11:09:30 PM
Selected expiration: 2026-06-18 at max pain $41.00.
DRS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
144800
144800
33
0
103100
103100
34
100
89200
89300
35
200
75400
75600
36
1800
62500
64300
37
3400
49900
53300
38
5000
38300
43300
39
6600
27600
34200
40
8300
17600
25900
41
13000
11600
24600
42
20200
6200
26400
43
33200
4100
37300
44
48500
2000
50500
45
70500
0
70500
46
103500
0
103500
47
137800
0
137800
50
247000
0
247000
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.