This page reflects FWRD 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 — FWRD
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (6.57 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
±$1.75
±20.8%
Days to Expiry
29
Calendar days
Total Call OI
8,805
Nearest expiry
Total Put OI
980
Nearest expiry
P/C OI Ratio
0.11
Put-heavy
Spot Price
$8.43
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
$17.50
4/17/2026, 11:13:29 PM
2026-05-15
$12.50
5/15/2026, 11:13:57 PM
2026-06-18NextUpdated
$15.00
5/20/2026, 11:14:01 PM
2026-07-17
$7.50
5/20/2026, 11:14:01 PM
2026-09-18
$17.50
5/20/2026, 11:14:01 PM
2026-12-18
$12.50
5/20/2026, 11:14:01 PM
2027-01-15
$20.00
5/20/2026, 11:14:01 PM
Selected expiration: 2026-06-18 at max pain $15.00.
FWRD pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
946250
946250
7.5
1000
701250
702250
10
2500
492750
495250
12.5
77250
308000
385250
15
187500
174000
361500
17.5
307500
109250
416750
20
483750
53750
537500
22.5
1190500
17750
1208250
25
2060000
500
2060500
30
4395000
0
4395000
35
8330000
0
8330000
40
12457500
0
12457500
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.