This page reflects EXC 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 — EXC
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (0.13 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$2.08
±4.6%
Days to Expiry
29
Calendar days
Total Call OI
16,119
Nearest expiry
Total Put OI
8,234
Nearest expiry
P/C OI Ratio
0.51
Put-heavy
Spot Price
$44.87
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
$46.00
4/17/2026, 11:12:18 PM
2026-05-15
$47.00
5/15/2026, 11:13:17 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:12:46 PM
2026-07-17
$46.00
5/20/2026, 11:12:46 PM
2026-09-18
$45.00
5/20/2026, 11:12:46 PM
2026-10-16
$46.00
5/20/2026, 11:12:46 PM
2026-12-18
$43.00
5/20/2026, 11:12:46 PM
2027-01-15
$45.00
5/20/2026, 11:12:46 PM
2027-03-19
$45.00
5/20/2026, 11:12:46 PM
Selected expiration: 2026-06-18 at max pain $45.00.
EXC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
18026200
18026200
23
0
15556600
15556600
25
0
13913800
13913800
28
300
11460700
11461000
30
700
9832300
9833000
33
1900
7411600
7413500
35
2700
5867200
5869900
37
3900
4350600
4354500
40
12000
2225100
2237100
41
22700
1757300
1780000
42
33400
1293400
1326800
43
64800
917600
982400
44
97100
563200
660300
45
149100
223100
372200
46
469500
123800
593300
47
834200
38600
872800
48
1582400
24000
1606400
49
2351000
12500
2363500
50
3122700
1000
3123700
55
10258700
0
10258700
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.