This page reflects ED 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 — ED
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $105.00 (1.30 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$105.00
Nearest expiry
Expected Move
±$4.60
±4.3%
Days to Expiry
29
Calendar days
Total Call OI
2,656
Nearest expiry
Total Put OI
1,197
Nearest expiry
P/C OI Ratio
0.45
Put-heavy
Spot Price
$106.30
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
$110.00
4/17/2026, 11:11:01 PM
2026-05-15
$110.00
5/15/2026, 11:14:02 PM
2026-06-18NextUpdated
$105.00
5/20/2026, 11:08:55 PM
2026-07-17
$100.00
5/20/2026, 11:08:55 PM
2026-08-21
$105.00
5/20/2026, 11:08:55 PM
2026-11-20
$100.00
5/20/2026, 11:08:55 PM
2027-01-15
$100.00
5/20/2026, 11:08:55 PM
Selected expiration: 2026-06-18 at max pain $105.00.
ED pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
65
0
4368250
4368250
80
0
2572750
2572750
90
3000
1375750
1378750
95
5500
781750
787250
97.5
6750
496500
503250
100
8000
212000
220000
105
11000
62500
73500
110
397500
0
397500
115
1565500
0
1565500
120
2858000
0
2858000
125
4164000
0
4164000
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.