This page reflects FRO 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 — FRO
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $36.00 (2.94 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$36.00
Nearest expiry
Expected Move
±$5.72
±14.7%
Days to Expiry
29
Calendar days
Total Call OI
5,011
Nearest expiry
Total Put OI
1,991
Nearest expiry
P/C OI Ratio
0.40
Put-heavy
Spot Price
$38.94
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
$34.00
4/17/2026, 11:13:40 PM
2026-05-15
$34.00
5/15/2026, 11:13:15 PM
2026-06-18NextUpdated
$36.00
5/20/2026, 11:13:10 PM
2026-07-17
$33.00
5/20/2026, 11:13:10 PM
2026-08-21
$33.00
5/20/2026, 11:13:10 PM
2026-11-20
$50.00
5/20/2026, 11:13:10 PM
2027-01-15
$35.00
5/20/2026, 11:13:10 PM
Selected expiration: 2026-06-18 at max pain $36.00.
FRO pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
1479900
1479900
26
0
1292000
1292000
27
0
1121900
1121900
28
0
953400
953400
29
100
788800
788900
30
200
627500
627700
31
5300
482000
487300
32
12400
347500
359900
33
21400
239700
261100
34
31100
152900
184000
35
48900
92500
141400
36
72600
56400
129000
37
104100
31700
135800
38
188100
14500
202600
39
385300
8900
394200
40
637600
6500
644100
41
978300
4600
982900
42
1389900
2700
1392600
43
1806000
1800
1807800
44
2259400
900
2260300
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.