This page reflects EME 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 — EME
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $830.00 (23.15 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$830.00
Nearest expiry
Expected Move
±$77.10
±9.0%
Days to Expiry
29
Calendar days
Total Call OI
644
Nearest expiry
Total Put OI
636
Nearest expiry
P/C OI Ratio
0.99
Put-heavy
Spot Price
$853.15
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
$740.00
4/17/2026, 11:11:34 PM
2026-05-15
$820.00
5/15/2026, 11:14:41 PM
2026-06-18NextUpdated
$830.00
5/20/2026, 11:11:51 PM
2026-07-17
$700.00
5/20/2026, 11:11:51 PM
2026-10-16
$760.00
5/20/2026, 11:11:51 PM
2026-12-18
$580.00
5/20/2026, 11:11:51 PM
2027-01-15
$900.00
5/20/2026, 11:11:51 PM
Selected expiration: 2026-06-18 at max pain $830.00.
EME pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
310
0
29595000
29595000
330
2000
28323000
28325000
340
3000
27687000
27690000
360
15000
26415000
26430000
390
36000
24507000
24543000
400
45000
23871000
23916000
410
54000
23236000
23290000
430
74000
21966000
22040000
440
85000
21331000
21416000
450
97000
20697000
20794000
460
109000
20063000
20172000
470
124000
19429000
19553000
480
142000
18800000
18942000
490
182000
18181000
18363000
500
223000
17570000
17793000
510
266000
16961000
17227000
520
309000
16352000
16661000
530
355000
15743000
16098000
550
451000
14525000
14976000
560
499000
13919000
14418000
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.