This page reflects HNGE 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 — HNGE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (9.74 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$6.45
±11.8%
Days to Expiry
29
Calendar days
Total Call OI
4,810
Nearest expiry
Total Put OI
5,394
Nearest expiry
P/C OI Ratio
1.12
Put-heavy
Spot Price
$54.74
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
$45.00
4/17/2026, 11:18:12 PM
2026-05-15
$45.00
5/15/2026, 11:16:54 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:16:17 PM
2026-07-17
$45.00
5/20/2026, 11:16:17 PM
2026-09-18
$50.00
5/20/2026, 11:16:17 PM
2026-12-18
$35.00
5/20/2026, 11:16:17 PM
2027-01-15
$25.00
5/20/2026, 11:16:17 PM
Selected expiration: 2026-06-18 at max pain $45.00.
HNGE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
22.5
0
9440500
9440500
25
1750
8092000
8093750
30
5250
5395000
5400250
35
9250
2795500
2804750
40
77250
1426000
1503250
45
189750
143000
332750
50
427250
58500
485750
55
770750
5000
775750
60
1299250
0
1299250
65
2758750
0
2758750
70
4584250
0
4584250
75
6989250
0
6989250
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.