This page reflects HESM 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 — HESM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $38.00 (2.05 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$38.00
Nearest expiry
Expected Move
±$1.83
±4.6%
Days to Expiry
29
Calendar days
Total Call OI
3,529
Nearest expiry
Total Put OI
123
Nearest expiry
P/C OI Ratio
0.03
Put-heavy
Spot Price
$40.05
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
$39.00
4/17/2026, 11:16:17 PM
2026-05-15
$38.00
5/15/2026, 11:19:22 PM
2026-06-18NextUpdated
$38.00
5/20/2026, 11:15:39 PM
2026-08-21
$37.00
5/20/2026, 11:15:39 PM
2026-11-20
$38.00
5/20/2026, 11:15:39 PM
Selected expiration: 2026-06-18 at max pain $38.00.
HESM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
29
0
101600
101600
30
1600
89300
90900
31
3200
77000
80200
32
4800
64800
69600
33
6400
52700
59100
34
8000
41100
49100
35
9600
31000
40600
36
13400
22000
35400
37
17200
14900
32100
38
22300
9300
31600
39
33200
4100
37300
40
60700
0
60700
41
357000
0
357000
42
669600
0
669600
43
1020100
0
1020100
44
1372100
0
1372100
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.