This page reflects ERAS 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 — ERAS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (3.88 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$2.22
±20.0%
Days to Expiry
29
Calendar days
Total Call OI
10,341
Nearest expiry
Total Put OI
6,886
Nearest expiry
P/C OI Ratio
0.67
Put-heavy
Spot Price
$11.12
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
$7.50
4/17/2026, 11:12:03 PM
2026-05-15
$15.00
5/15/2026, 11:13:39 PM
2026-06-18NextUpdated
$15.00
5/20/2026, 11:12:37 PM
2026-07-17
$7.50
5/20/2026, 11:12:37 PM
2026-10-16
$12.50
5/20/2026, 11:12:37 PM
2026-12-18
$12.50
5/20/2026, 11:12:37 PM
2027-01-15
$15.00
5/20/2026, 11:12:37 PM
2027-03-19
$10.00
5/20/2026, 11:12:37 PM
2027-04-16
$12.50
5/20/2026, 11:12:37 PM
Selected expiration: 2026-06-18 at max pain $15.00.
ERAS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
7949000
7949000
5
0
6232500
6232500
7.5
750
4567000
4567750
10
3000
2954750
2957750
12.5
356750
1612500
1969250
15
1080000
446000
1526000
17.5
1848750
80250
1929000
20
2945250
20000
2965250
22.5
4519000
10000
4529000
25
6433000
0
6433000
30
11057000
0
11057000
35
15727000
0
15727000
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.