This page reflects IRON 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 — IRON
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $65.00 (2.03 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$8.30
±12.4%
Days to Expiry
29
Calendar days
Total Call OI
3,344
Nearest expiry
Total Put OI
566
Nearest expiry
P/C OI Ratio
0.17
Put-heavy
Spot Price
$67.03
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
$60.00
4/17/2026, 11:15:38 PM
2026-05-15
$65.00
5/15/2026, 11:18:49 PM
2026-06-18NextUpdated
$65.00
5/20/2026, 11:19:37 PM
2026-09-18
$60.00
5/20/2026, 11:19:37 PM
2026-10-16
$40.00
5/20/2026, 11:19:37 PM
2026-11-20
$50.00
5/20/2026, 11:19:37 PM
2026-12-18
$55.00
5/20/2026, 11:19:37 PM
Selected expiration: 2026-06-18 at max pain $65.00.
IRON pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
40
0
1389500
1389500
45
0
1106500
1106500
50
0
823500
823500
60
6000
257500
263500
65
9000
500
9500
70
67000
0
67000
75
1143000
0
1143000
80
2719500
0
2719500
85
4385000
0
4385000
90
6054000
0
6054000
95
7723500
0
7723500
100
9393000
0
9393000
105
11063500
0
11063500
110
12734500
0
12734500
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.