This page reflects ED options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — ED
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $105.00 (2.40 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
±$4.80
±4.5%
Days to Expiry
28
Calendar days
Total Call OI
2,909
Nearest expiry
Total Put OI
1,218
Nearest expiry
P/C OI Ratio
0.42
Put-heavy
Spot Price
$107.40
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
5/21/2026, 11:12:15 PM
2026-07-17
$100.00
5/21/2026, 11:12:15 PM
2026-08-21
$105.00
5/21/2026, 11:12:15 PM
2026-11-20
$100.00
5/21/2026, 11:12:15 PM
2027-01-15
$100.00
5/21/2026, 11:12:15 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
4452250
4452250
80
0
2625250
2625250
90
3000
1407250
1410250
95
5500
802750
808250
97.5
6750
512250
519000
100
8000
222500
230500
105
11000
63000
74000
110
402500
0
402500
115
1693500
0
1693500
120
3112500
0
3112500
125
4545000
0
4545000
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.