This page reflects DTM 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 — DTM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $130.00 (18.76 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$130.00
Nearest expiry
Expected Move
±$7.40
±5.0%
Days to Expiry
29
Calendar days
Total Call OI
1,603
Nearest expiry
Total Put OI
118
Nearest expiry
P/C OI Ratio
0.07
Put-heavy
Spot Price
$148.76
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
$130.00
4/17/2026, 11:10:52 PM
2026-05-15
$130.00
5/15/2026, 11:12:52 PM
2026-06-18NextUpdated
$130.00
5/20/2026, 11:13:03 PM
2026-09-18
$135.00
5/20/2026, 11:13:03 PM
2026-11-20
$105.00
5/20/2026, 11:13:03 PM
2026-12-18
$135.00
5/20/2026, 11:13:03 PM
Selected expiration: 2026-06-18 at max pain $130.00.
DTM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
85
0
609000
609000
100
0
435000
435000
105
0
377000
377000
110
2500
319000
321500
115
6000
261000
267000
120
10000
208500
218500
125
18000
156000
174000
130
32500
104500
137000
135
88000
53000
141000
140
156500
26500
183000
145
232500
0
232500
150
800500
0
800500
155
1378000
0
1378000
160
1964000
0
1964000
165
2765500
0
2765500
170
3567000
0
3567000
180
5170000
0
5170000
185
5971500
0
5971500
190
6773000
0
6773000
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.