This page reflects GSM 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 — GSM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $4.00 (0.05 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$4.00
Nearest expiry
Expected Move
±$0.45
±11.4%
Days to Expiry
29
Calendar days
Total Call OI
10,280
Nearest expiry
Total Put OI
1,612
Nearest expiry
P/C OI Ratio
0.16
Put-heavy
Spot Price
$3.95
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
$4.00
4/17/2026, 11:13:08 PM
2026-05-15
$4.00
5/15/2026, 11:17:17 PM
2026-06-18NextUpdated
$4.00
5/20/2026, 11:13:46 PM
2026-09-18
$5.00
5/20/2026, 11:13:46 PM
2026-12-18
$4.00
5/20/2026, 11:13:46 PM
2027-01-15
$4.00
5/20/2026, 11:13:46 PM
Selected expiration: 2026-06-18 at max pain $4.00.
GSM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2
0
338100
338100
3
4400
176900
181300
4
10700
15700
26400
5
556300
3400
559700
6
1246000
1900
1247900
7
2146200
600
2146800
8
3174000
300
3174300
9
4202000
100
4202100
10
5230000
0
5230000
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.