This page reflects ESI 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 — ESI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $42.00 (1.45 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.00
Nearest expiry
Expected Move
±$4.20
±10.4%
Days to Expiry
29
Calendar days
Total Call OI
801
Nearest expiry
Total Put OI
15,108
Nearest expiry
P/C OI Ratio
18.86
Put-heavy
Spot Price
$40.55
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
$30.00
4/17/2026, 11:10:38 PM
2026-05-15
$42.00
5/15/2026, 11:13:52 PM
2026-06-18NextUpdated
$42.00
5/20/2026, 11:12:00 PM
2026-08-21
$25.00
5/20/2026, 11:12:00 PM
2026-11-20
$37.00
5/20/2026, 11:12:00 PM
2026-12-18
$25.00
5/20/2026, 11:12:00 PM
Selected expiration: 2026-06-18 at max pain $42.00.
ESI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
30434000
30434000
30
0
15327000
15327000
33
5100
10794900
10800000
34
7700
9284200
9291900
35
10800
7773500
7784300
36
16900
6263000
6279900
37
23100
4752500
4775600
38
29300
3242100
3271400
39
35700
1981900
2017600
40
42400
725800
768200
41
49600
14100
63700
42
56900
6700
63600
43
64400
700
65100
44
72600
100
72700
45
82100
0
82100
46
149900
0
149900
47
221000
0
221000
50
444200
0
444200
55
828200
0
828200
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.