This page reflects FMC 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 — FMC
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (2.31 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$1.82
±14.4%
Days to Expiry
29
Calendar days
Total Call OI
3,981
Nearest expiry
Total Put OI
3,201
Nearest expiry
P/C OI Ratio
0.80
Put-heavy
Spot Price
$12.69
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
$15.00
4/17/2026, 11:13:06 PM
2026-05-15
$15.00
5/15/2026, 11:14:25 PM
2026-06-18NextUpdated
$15.00
5/20/2026, 11:13:26 PM
2026-07-17
$15.00
5/20/2026, 11:13:26 PM
2026-10-16
$15.00
5/20/2026, 11:13:26 PM
2027-01-15
$17.50
5/20/2026, 11:13:26 PM
Selected expiration: 2026-06-18 at max pain $15.00.
FMC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
2597500
2597500
7.5
3750
1798000
1801750
10
7500
999250
1006750
12.5
12750
286000
298750
15
82750
33250
116000
17.5
705000
0
705000
20
1414500
0
1414500
22.5
2268750
0
2268750
25
3252750
0
3252750
27.5
4245500
0
4245500
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.