This page reflects FORM 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 — FORM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $115.00 (10.31 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$115.00
Nearest expiry
Expected Move
±$24.15
±19.3%
Days to Expiry
29
Calendar days
Total Call OI
3,751
Nearest expiry
Total Put OI
3,428
Nearest expiry
P/C OI Ratio
0.91
Put-heavy
Spot Price
$125.31
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
$95.00
4/17/2026, 11:12:37 PM
2026-05-15
$135.00
5/15/2026, 11:16:57 PM
2026-06-18NextUpdated
$115.00
5/20/2026, 11:13:44 PM
2026-07-17
$70.00
5/20/2026, 11:13:44 PM
2026-10-16
$100.00
5/20/2026, 11:13:44 PM
2027-01-15
$100.00
5/20/2026, 11:13:44 PM
Selected expiration: 2026-06-18 at max pain $115.00.
FORM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
65
0
11906500
11906500
70
500
10351000
10351500
75
2500
8801000
8803500
80
254500
7259000
7513500
85
510500
5765000
6275500
90
766500
4313500
5080000
95
1032500
3389000
4421500
100
1320000
2522000
3842000
105
1629000
1963500
3592500
110
1938500
1423000
3361500
115
2260500
1035000
3295500
120
2587000
721500
3308500
125
2922500
498500
3421000
130
3278000
305500
3583500
135
3722000
194000
3916000
140
4240000
96500
4336500
145
4931500
58500
4990000
150
5658000
34000
5692000
155
6831500
20500
6852000
160
8017500
14500
8032000
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.