This page reflects ESTC 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 — ESTC
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $50.00 (5.28 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$50.00
Nearest expiry
Expected Move
±$11.10
±20.1%
Days to Expiry
29
Calendar days
Total Call OI
1,596
Nearest expiry
Total Put OI
555
Nearest expiry
P/C OI Ratio
0.35
Put-heavy
Spot Price
$55.28
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
$50.00
4/17/2026, 11:11:41 PM
2026-05-15
$50.00
5/15/2026, 11:14:17 PM
2026-06-18NextUpdated
$50.00
5/20/2026, 11:11:52 PM
2026-07-17
$55.00
5/20/2026, 11:11:52 PM
2026-08-21
$55.00
5/20/2026, 11:11:52 PM
2026-11-20
$45.00
5/20/2026, 11:11:52 PM
2026-12-18
$60.00
5/20/2026, 11:11:52 PM
2027-01-15
$60.00
5/20/2026, 11:11:52 PM
Selected expiration: 2026-06-18 at max pain $50.00.
ESTC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
1235000
1235000
30
11500
958500
970000
35
25000
689000
714000
40
40000
434500
474500
45
106000
220000
326000
50
228000
79500
307500
55
534500
13000
547500
60
940000
0
940000
65
1529500
0
1529500
70
2276500
0
2276500
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.