This page reflects ENPH 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 — ENPH
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $44.00 (9.15 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$44.00
Nearest expiry
Expected Move
±$3.84
±7.2%
Days to Expiry
2
Calendar days
Total Call OI
20,001
Nearest expiry
Total Put OI
16,186
Nearest expiry
P/C OI Ratio
0.81
Put-heavy
Spot Price
$53.15
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$33.50
5/8/2026, 11:13:07 PM
2026-05-15
$37.50
5/15/2026, 11:14:26 PM
2026-05-22NextUpdated
$44.00
5/20/2026, 11:11:48 PM
2026-05-29
$44.00
5/20/2026, 11:11:48 PM
2026-06-05
$35.00
5/20/2026, 11:11:48 PM
2026-06-12
$40.00
5/20/2026, 11:11:48 PM
2026-06-18
$40.00
5/20/2026, 11:11:48 PM
2026-06-26
$42.00
5/20/2026, 11:11:48 PM
2026-07-17
$45.00
5/20/2026, 11:11:48 PM
2026-08-21
$45.00
5/20/2026, 11:11:48 PM
2026-09-18
$40.00
5/20/2026, 11:11:48 PM
2026-11-20
$35.00
5/20/2026, 11:11:48 PM
2026-12-18
$40.00
5/20/2026, 11:11:48 PM
2027-01-15
$45.00
5/20/2026, 11:11:48 PM
Selected expiration: 2026-05-22 at max pain $44.00.
ENPH pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
40141150
40141150
20
5000
32048150
32053150
21
6100
30429550
30435650
22
7400
28812050
28819450
23
8700
27195450
27204150
24
10000
25583450
25593450
25
11700
24001350
24013050
26
14500
22424350
22438850
26.5
15950
21646000
21661950
27
17400
20867900
20885300
27.5
18950
20091900
20110850
28
20500
19323550
19344050
28.5
22050
18562950
18585000
29
23600
17803150
17826750
29.5
25450
17062050
17087500
30
27300
16322600
16349900
30.5
30750
15603250
15634000
31
34200
14885250
14919450
31.5
39900
14186800
14226700
32
45700
13506850
13552550
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.