This page reflects HXL 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 — HXL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $80.00 (5.82 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$6.97
±8.1%
Days to Expiry
29
Calendar days
Total Call OI
1,168
Nearest expiry
Total Put OI
345
Nearest expiry
P/C OI Ratio
0.30
Put-heavy
Spot Price
$85.82
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
$80.00
4/17/2026, 11:14:50 PM
2026-05-15
$85.00
5/15/2026, 11:18:49 PM
2026-06-18NextUpdated
$80.00
5/20/2026, 11:16:48 PM
2026-09-18
$75.00
5/20/2026, 11:16:48 PM
2026-12-18
$85.00
5/20/2026, 11:16:48 PM
2027-01-15
$105.00
5/20/2026, 11:16:48 PM
Selected expiration: 2026-06-18 at max pain $80.00.
HXL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
1309000
1309000
40
0
1136500
1136500
45
0
968000
968000
50
0
805000
805000
55
0
653000
653000
60
0
501000
501000
65
25000
349000
374000
70
50000
258000
308000
75
75000
177000
252000
80
111000
102500
213500
85
203000
57500
260500
90
319000
24500
343500
95
474500
0
474500
100
682500
0
682500
105
1202000
0
1202000
110
1770500
0
1770500
115
2352500
0
2352500
120
2936000
0
2936000
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.