This page reflects ET 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 — ET
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $20.00 (0.16 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$0.35
±1.7%
Days to Expiry
2
Calendar days
Total Call OI
18,816
Nearest expiry
Total Put OI
4,333
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$20.16
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
$20.00
5/8/2026, 11:13:03 PM
2026-05-15
$19.50
5/15/2026, 11:12:35 PM
2026-05-22NextUpdated
$20.00
5/20/2026, 11:14:16 PM
2026-05-29
$19.50
5/20/2026, 11:14:16 PM
2026-06-05
$20.00
5/20/2026, 11:14:16 PM
2026-06-12
$20.00
5/20/2026, 11:14:16 PM
2026-06-18
$20.00
5/20/2026, 11:14:16 PM
2026-06-26
$19.50
5/20/2026, 11:14:16 PM
2026-07-17
$19.00
5/20/2026, 11:14:16 PM
2026-08-21
$20.00
5/20/2026, 11:14:16 PM
2026-10-16
$18.00
5/20/2026, 11:14:16 PM
2026-12-18
$17.00
5/20/2026, 11:14:16 PM
2027-01-15
$15.00
5/20/2026, 11:14:16 PM
Selected expiration: 2026-05-22 at max pain $20.00.
ET pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
6197550
6197550
10
1000
4031050
4032050
14
2200
2297850
2300050
15
3300
1864550
1867850
15.5
4150
1647950
1652100
16
5000
1431450
1436450
16.5
6800
1214950
1221750
17
8700
1001450
1010150
17.5
10950
790550
801500
18
14450
582900
597350
18.5
38550
386400
424950
19
63250
206900
270150
19.5
101400
86300
187700
20
160250
18000
178250
20.5
315100
3200
318300
21
708600
300
708900
21.5
1353600
0
1353600
22
2042650
0
2042650
22.5
2980650
0
2980650
23
3919250
0
3919250
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.