This page reflects IBN 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 — IBN
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $27.00 (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
$27.00
Nearest expiry
Expected Move
±$1.50
±5.8%
Days to Expiry
29
Calendar days
Total Call OI
4,733
Nearest expiry
Total Put OI
1,591
Nearest expiry
P/C OI Ratio
0.34
Put-heavy
Spot Price
$25.68
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
$26.00
4/17/2026, 11:15:42 PM
2026-05-15
$27.00
5/15/2026, 11:18:40 PM
2026-06-18NextUpdated
$27.00
5/20/2026, 11:16:51 PM
2026-09-18
$29.00
5/20/2026, 11:16:51 PM
2026-12-18
$28.00
5/20/2026, 11:16:51 PM
2027-01-15
$30.00
5/20/2026, 11:16:51 PM
Selected expiration: 2026-06-18 at max pain $27.00.
IBN pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
1779500
1779500
18
0
1302500
1302500
20
0
984500
984500
23
300
522200
522500
24
800
371900
372700
25
1300
228900
230200
26
15100
98400
113500
27
38600
21500
60100
28
88700
5700
94400
29
157200
700
157900
30
247100
100
247200
31
359200
0
359200
32
492200
0
492200
33
712000
0
712000
34
941200
0
941200
35
1177100
0
1177100
36
1450600
0
1450600
37
1724100
0
1724100
39
2287700
0
2287700
40
2570500
0
2570500
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.