This page reflects EXEL 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 — EXEL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $48.00 (1.90 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$48.00
Nearest expiry
Expected Move
±$3.48
±7.0%
Days to Expiry
29
Calendar days
Total Call OI
2,281
Nearest expiry
Total Put OI
841
Nearest expiry
P/C OI Ratio
0.37
Put-heavy
Spot Price
$49.90
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
$42.00
4/17/2026, 11:11:11 PM
2026-05-15
$43.00
5/15/2026, 11:14:03 PM
2026-06-18NextUpdated
$48.00
5/20/2026, 11:12:55 PM
2026-07-17
$45.00
5/20/2026, 11:12:55 PM
2026-08-21
$44.00
5/20/2026, 11:12:55 PM
2026-11-20
$36.00
5/20/2026, 11:12:55 PM
2026-12-18
$40.00
5/20/2026, 11:12:55 PM
2027-01-15
$40.00
5/20/2026, 11:12:55 PM
Selected expiration: 2026-06-18 at max pain $48.00.
EXEL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
913700
913700
37
200
745500
745700
38
400
661400
661800
39
1100
577400
578500
40
1900
497900
499800
41
3300
422100
425400
42
5000
353000
358000
43
7800
285300
293100
44
11700
221000
232700
45
17400
161000
178400
46
26300
107900
134200
47
41900
58300
100200
48
70000
11100
81100
49
117500
4100
121600
50
167800
3000
170800
55
667800
0
667800
60
1803800
0
1803800
65
2943800
0
2943800
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.