This page reflects IPI 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 — IPI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $35.00 (5.30 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$5.80
±14.4%
Days to Expiry
29
Calendar days
Total Call OI
2,026
Nearest expiry
Total Put OI
1,066
Nearest expiry
P/C OI Ratio
0.53
Put-heavy
Spot Price
$40.30
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
$40.00
4/17/2026, 11:17:48 PM
2026-05-15
$37.00
5/15/2026, 11:21:34 PM
2026-06-18NextUpdated
$35.00
5/20/2026, 11:17:37 PM
2026-07-17
$39.00
5/20/2026, 11:17:37 PM
2026-09-18
$35.00
5/20/2026, 11:17:37 PM
2026-12-18
$35.00
5/20/2026, 11:17:37 PM
Selected expiration: 2026-06-18 at max pain $35.00.
IPI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
1750500
1750500
17
200
1538700
1538900
18
600
1433000
1433600
20
1400
1221800
1223200
21
1900
1117100
1119000
22
2400
1012700
1015100
23
2900
912500
915400
24
3400
812900
816300
25
3900
740200
744100
26
4500
676500
681000
27
5300
615800
621100
28
6100
555200
561300
29
8400
504000
512400
30
12200
453300
465500
31
21500
403500
425000
32
31800
354100
385900
33
43000
306000
349000
34
60800
260500
321300
35
79500
215200
294700
36
123500
175100
298600
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.