This page reflects IPGP 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 — IPGP
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $95.00 (25.91 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$95.00
Nearest expiry
Expected Move
±$17.45
±14.4%
Days to Expiry
29
Calendar days
Total Call OI
900
Nearest expiry
Total Put OI
275
Nearest expiry
P/C OI Ratio
0.31
Put-heavy
Spot Price
$120.91
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
$90.00
4/17/2026, 11:20:29 PM
2026-05-15
$90.00
5/15/2026, 11:18:24 PM
2026-06-18NextUpdated
$95.00
5/20/2026, 11:15:40 PM
2026-07-17
$100.00
5/20/2026, 11:15:40 PM
2026-10-16
$90.00
5/20/2026, 11:15:40 PM
2027-01-15
$80.00
5/20/2026, 11:15:40 PM
Selected expiration: 2026-06-18 at max pain $95.00.
IPGP pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
545000
545000
75
0
416000
416000
80
2500
299500
302000
85
5000
199000
204000
90
8000
120000
128000
95
52000
62000
114000
100
107500
34500
142000
105
229500
20500
250000
110
436000
14000
450000
115
660000
10000
670000
120
941000
7000
948000
125
1291500
4500
1296000
130
1650500
3000
1653500
135
2022000
1500
2023500
140
2401000
0
2401000
145
2789500
0
2789500
150
3179000
0
3179000
155
3579500
0
3579500
160
3984500
0
3984500
165
4390000
0
4390000
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.