This page reflects ETR 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 — ETR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $105.00 (6.93 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$105.00
Nearest expiry
Expected Move
±$6.38
±5.7%
Days to Expiry
29
Calendar days
Total Call OI
5,941
Nearest expiry
Total Put OI
1,558
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$111.93
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
$110.00
4/17/2026, 11:12:19 PM
2026-05-15
$115.00
5/15/2026, 11:13:55 PM
2026-06-18NextUpdated
$105.00
5/20/2026, 11:12:32 PM
2026-07-17
$110.00
5/20/2026, 11:12:32 PM
2026-09-18
$115.00
5/20/2026, 11:12:32 PM
2026-11-20
$110.00
5/20/2026, 11:12:32 PM
2027-01-15
$100.00
5/20/2026, 11:12:32 PM
Selected expiration: 2026-06-18 at max pain $105.00.
ETR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
50
0
8243500
8243500
55
0
7467500
7467500
60
0
6691500
6691500
65
0
5916000
5916000
70
500
5143500
5144000
75
1000
4374500
4375500
80
1500
3607500
3609000
85
2500
2874500
2877000
90
3500
2162500
2166000
95
20000
1552000
1572000
100
103000
992500
1095500
105
295500
488000
783500
110
601000
202500
803500
115
1230500
18500
1249000
120
2849500
0
2849500
125
5651000
0
5651000
130
8592500
0
8592500
135
11546500
0
11546500
140
14506000
0
14506000
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.