This page reflects ESE 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 — ESE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $280.00 (16.45 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$280.00
Nearest expiry
Expected Move
±$21.65
±7.3%
Days to Expiry
29
Calendar days
Total Call OI
103
Nearest expiry
Total Put OI
74
Nearest expiry
P/C OI Ratio
0.72
Put-heavy
Spot Price
$296.45
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
$290.00
4/17/2026, 11:10:55 PM
2026-05-15
$290.00
5/15/2026, 11:15:05 PM
2026-06-18NextUpdated
$280.00
5/20/2026, 11:12:12 PM
2026-09-18
$290.00
5/20/2026, 11:12:12 PM
2026-12-18
$290.00
5/20/2026, 11:12:12 PM
Selected expiration: 2026-06-18 at max pain $280.00.
ESE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
120
0
1138000
1138000
125
0
1101000
1101000
180
0
694000
694000
195
0
584500
584500
200
0
549000
549000
210
12000
478000
490000
220
24000
407000
431000
230
36000
336000
372000
240
50000
272000
322000
250
65000
209000
274000
260
80000
146000
226000
270
96000
87000
183000
280
118000
31000
149000
290
142000
22000
164000
300
167000
15000
182000
310
206000
10000
216000
320
251000
6000
257000
330
299000
2000
301000
340
397000
0
397000
350
496000
0
496000
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.