This page reflects FE 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 — FE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (0.44 below 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
±$2.15
±4.7%
Days to Expiry
29
Calendar days
Total Call OI
8,101
Nearest expiry
Total Put OI
3,685
Nearest expiry
P/C OI Ratio
0.45
Put-heavy
Spot Price
$45.44
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
$49.00
4/17/2026, 11:11:26 PM
2026-05-15
$45.00
5/15/2026, 11:15:15 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:13:05 PM
2026-07-17
$47.00
5/20/2026, 11:13:05 PM
2026-09-18
$45.00
5/20/2026, 11:13:05 PM
2026-10-16
$45.00
5/20/2026, 11:13:05 PM
2026-12-18
$50.00
5/20/2026, 11:13:05 PM
2027-01-15
$47.00
5/20/2026, 11:13:05 PM
2027-03-19
$40.00
5/20/2026, 11:13:05 PM
Selected expiration: 2026-06-18 at max pain $45.00.
FE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
7856000
7856000
23
0
6751100
6751100
25
200
6015700
6015900
28
500
4913200
4913700
30
900
4178200
4179100
33
4500
3075700
3080200
35
8100
2502900
2511000
37
11700
1934500
1946200
40
17100
1206100
1223200
42
24900
749500
774400
45
95100
162100
257200
47
1302500
11100
1313600
50
3241100
1500
3242600
55
6966600
0
6966600
60
10940100
0
10940100
65
14920100
0
14920100
70
18970100
0
18970100
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.