This page reflects ETN 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 — ETN
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $400.00 (20.31 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$400.00
Nearest expiry
Expected Move
±$10.40
±2.7%
Days to Expiry
2
Calendar days
Total Call OI
2,343
Nearest expiry
Total Put OI
6,074
Nearest expiry
P/C OI Ratio
2.59
Put-heavy
Spot Price
$379.69
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
$422.50
5/8/2026, 11:13:18 PM
2026-05-15
$410.00
5/15/2026, 11:15:09 PM
2026-05-22NextUpdated
$400.00
5/20/2026, 11:11:37 PM
2026-05-29
$400.00
5/20/2026, 11:11:37 PM
2026-06-05
$400.00
5/20/2026, 11:11:37 PM
2026-06-12
$400.00
5/20/2026, 11:11:37 PM
2026-06-18
$390.00
5/20/2026, 11:11:37 PM
2026-06-26
$385.00
5/20/2026, 11:11:37 PM
2026-07-17
$390.00
5/20/2026, 11:11:37 PM
2026-09-18
$360.00
5/20/2026, 11:11:37 PM
2026-10-16
$370.00
5/20/2026, 11:11:37 PM
2026-12-18
$240.00
5/20/2026, 11:11:37 PM
2027-01-15
$420.00
5/20/2026, 11:11:37 PM
2027-03-19
$390.00
5/20/2026, 11:11:37 PM
Selected expiration: 2026-05-22 at max pain $400.00.
ETN pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
200
0
94416250
94416250
210
0
88342250
88342250
260
5000
57972250
57977250
265
5500
54935750
54941250
270
6000
52024250
52030250
280
7000
46201250
46208250
285
7500
43298250
43305750
290
8000
40473750
40481750
295
8500
37654750
37663250
300
9000
34849250
34858250
320
11000
23637250
23648250
325
11500
20834250
20845750
335
12500
15235250
15247750
340
13000
12549750
12562750
342.5
13250
11885250
11898500
345
14000
11220750
11234750
350
16000
9898250
9914250
352.5
17000
9252500
9269500
355
18000
8608750
8626750
360
21500
7339750
7361250
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.