This page reflects HL 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 — HL
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $18.50 (1.32 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.50
Nearest expiry
Expected Move
±$0.79
±4.6%
Days to Expiry
2
Calendar days
Total Call OI
14,764
Nearest expiry
Total Put OI
13,002
Nearest expiry
P/C OI Ratio
0.88
Put-heavy
Spot Price
$17.18
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
$18.00
5/8/2026, 11:17:29 PM
2026-05-15
$19.00
5/15/2026, 11:15:45 PM
2026-05-22NextUpdated
$18.50
5/20/2026, 11:13:44 PM
2026-05-29
$18.00
5/20/2026, 11:13:44 PM
2026-06-05
$19.00
5/20/2026, 11:13:44 PM
2026-06-12
$18.50
5/20/2026, 11:13:44 PM
2026-06-18
$19.00
5/20/2026, 11:13:44 PM
2026-06-26
$19.50
5/20/2026, 11:13:44 PM
2026-07-17
$18.00
5/20/2026, 11:13:44 PM
2026-09-18
$20.00
5/20/2026, 11:13:44 PM
2026-12-18
$17.00
5/20/2026, 11:13:44 PM
2027-01-15
$12.00
5/20/2026, 11:13:44 PM
Selected expiration: 2026-05-22 at max pain $18.50.
HL pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
10
0
10148350
10148350
11
600
8849150
8849750
12
1700
7549950
7551650
13
3100
6251050
6254150
13.5
3850
5603000
5606850
14
4650
4955950
4960600
14.5
6050
4309300
4315350
15
7450
3664250
3671700
15.5
9500
3087100
3096600
16
11800
2529450
2541250
16.5
15300
1993450
2008750
17
69500
1490650
1560150
17.5
158450
1015250
1173700
18
294550
666350
960900
18.5
546150
332950
879100
19
834650
192600
1027250
19.5
1174650
113350
1288000
20
1623100
76800
1699900
20.5
2125350
55300
2180650
21
2660600
37600
2698200
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.