This page reflects FER 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 — FER
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $65.00 (2.41 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$4.35
±6.5%
Days to Expiry
29
Calendar days
Total Call OI
266
Nearest expiry
Total Put OI
338
Nearest expiry
P/C OI Ratio
1.27
Put-heavy
Spot Price
$67.41
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
$65.00
4/17/2026, 11:11:53 PM
2026-05-15
$65.00
5/15/2026, 11:16:14 PM
2026-06-18NextUpdated
$65.00
5/20/2026, 11:13:33 PM
2026-09-18
$75.00
5/20/2026, 11:13:33 PM
2026-12-18
$75.00
5/20/2026, 11:13:33 PM
Selected expiration: 2026-06-18 at max pain $65.00.
FER pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
752000
752000
50
1000
414000
415000
55
6500
245000
251500
60
12000
129000
141000
65
18500
47000
65500
70
60000
12000
72000
75
172000
9000
181000
80
300000
6000
306000
85
429000
3000
432000
90
561500
0
561500
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.