This page reflects GAP 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 — GAP
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $21.50 (0.80 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$21.50
Nearest expiry
Expected Move
±$1.04
±4.6%
Days to Expiry
2
Calendar days
Total Call OI
2,713
Nearest expiry
Total Put OI
4,598
Nearest expiry
P/C OI Ratio
1.69
Put-heavy
Spot Price
$22.30
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$25.00
5/8/2026, 11:14:14 PM
2026-05-15
$25.00
5/15/2026, 11:16:47 PM
2026-05-22NextUpdated
$21.50
5/20/2026, 11:15:24 PM
2026-05-29
$22.00
5/20/2026, 11:15:24 PM
2026-06-05
$22.00
5/20/2026, 11:15:24 PM
2026-06-12
$21.50
5/20/2026, 11:15:24 PM
2026-06-18
$25.00
5/20/2026, 11:15:24 PM
2026-06-26
$19.50
5/20/2026, 11:15:24 PM
2026-07-17
$20.00
5/20/2026, 11:15:24 PM
2026-09-18
$23.00
5/20/2026, 11:15:24 PM
2026-12-18
$25.00
5/20/2026, 11:15:24 PM
2027-01-15
$25.00
5/20/2026, 11:15:24 PM
2027-03-19
$23.00
5/20/2026, 11:15:24 PM
Selected expiration: 2026-05-22 at max pain $21.50.
GAP pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
16
0
2209500
2209500
17
0
1749900
1749900
18
13500
1290600
1304100
18.5
20250
1077050
1097300
19
27000
869900
896900
19.5
33850
665950
699800
20
40700
467050
507750
20.5
48150
279550
327700
21
57800
104550
162350
21.5
77350
38000
115350
22
108500
21050
129550
22.5
186550
13500
200050
23
273450
7550
281000
23.5
368550
4950
373500
24
464800
3000
467800
24.5
564050
2050
566100
25
665850
1450
667300
25.5
771500
1000
772500
26
878550
750
879300
26.5
993850
600
994450
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.