This page reflects GIS 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 — GIS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $35.00 (1.38 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$2.67
±8.0%
Days to Expiry
29
Calendar days
Total Call OI
32,599
Nearest expiry
Total Put OI
26,062
Nearest expiry
P/C OI Ratio
0.80
Put-heavy
Spot Price
$33.62
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
$37.50
4/17/2026, 11:12:33 PM
2026-05-15
$35.00
5/15/2026, 11:16:57 PM
2026-06-18NextUpdated
$35.00
5/20/2026, 11:14:44 PM
2026-07-17
$35.00
5/20/2026, 11:14:44 PM
2026-09-18
$37.50
5/20/2026, 11:14:44 PM
2026-10-16
$35.00
5/20/2026, 11:14:44 PM
2026-12-18
$37.50
5/20/2026, 11:14:44 PM
2027-01-15
$45.00
5/20/2026, 11:14:44 PM
2027-03-19
$37.50
5/20/2026, 11:14:44 PM
Selected expiration: 2026-06-18 at max pain $35.00.
GIS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
17.5
0
39835000
39835000
20
250
33320000
33320250
22.5
750
26805000
26805750
25
1250
20292500
20293750
27.5
1750
13793250
13795000
30
9000
7362500
7371500
32.5
40250
4019250
4059500
35
222750
1704500
1927250
37.5
2793500
655000
3448500
40
6943500
93000
7036500
42.5
12749500
11250
12760750
45
18996000
6750
19002750
47.5
25628000
4250
25632250
50
32604500
2000
32606500
52.5
40051000
1750
40052750
55
47704500
1500
47706000
57.5
55501750
1250
55503000
60
63389000
1000
63390000
62.5
71358500
750
71359250
65
79357000
500
79357500
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.