This page reflects IAG 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 — IAG
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $18.00 (1.38 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$2.17
±13.1%
Days to Expiry
29
Calendar days
Total Call OI
11,557
Nearest expiry
Total Put OI
5,013
Nearest expiry
P/C OI Ratio
0.43
Put-heavy
Spot Price
$16.62
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
$20.00
4/17/2026, 11:18:28 PM
2026-05-15
$17.00
5/15/2026, 11:18:59 PM
2026-06-18NextUpdated
$18.00
5/20/2026, 11:16:19 PM
2026-07-17
$18.00
5/20/2026, 11:16:19 PM
2026-08-21
$17.00
5/20/2026, 11:16:19 PM
2026-09-18
$20.00
5/20/2026, 11:16:19 PM
2026-11-20
$15.00
5/20/2026, 11:16:19 PM
2026-12-18
$15.00
5/20/2026, 11:16:19 PM
2027-01-15
$5.00
5/20/2026, 11:16:19 PM
Selected expiration: 2026-06-18 at max pain $18.00.
IAG pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
7655800
7655800
2
8600
7155600
7164200
6
43000
5154800
5197800
7
51600
4655800
4707400
8
60200
4157400
4217600
9
99100
3659000
3758100
10
138200
3161600
3299800
11
178500
2674500
2853000
12
219800
2194500
2414300
13
262500
1797200
2059700
14
310300
1411000
1721300
15
388300
1028800
1417100
16
479700
671700
1151400
17
599900
458800
1058700
18
759000
279600
1038600
19
991300
196900
1188200
20
1298400
123900
1422300
21
2184400
64600
2249000
22
3084300
6800
3091100
23
4031600
5000
4036600
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.