This page reflects ITW 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 — ITW
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $250.00 (0.77 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$250.00
Nearest expiry
Expected Move
±$13.35
±5.3%
Days to Expiry
29
Calendar days
Total Call OI
3,352
Nearest expiry
Total Put OI
1,983
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$250.77
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
$260.00
4/17/2026, 11:15:47 PM
2026-05-15
$260.00
5/15/2026, 11:18:26 PM
2026-06-18NextUpdated
$250.00
5/20/2026, 11:18:50 PM
2026-07-17
$250.00
5/20/2026, 11:18:50 PM
2026-09-18
$250.00
5/20/2026, 11:18:50 PM
2026-11-20
$260.00
5/20/2026, 11:18:50 PM
2026-12-18
$250.00
5/20/2026, 11:18:50 PM
2027-01-15
$250.00
5/20/2026, 11:18:50 PM
Selected expiration: 2026-06-18 at max pain $250.00.
ITW pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
155
0
16423000
16423000
160
0
15432000
15432000
170
0
13453000
13453000
175
500
12465500
12466000
185
1500
10490500
10492000
190
2000
9510000
9512000
195
2500
8530500
8533000
200
3500
7552000
7555500
210
5500
5662000
5667500
220
9500
3881000
3890500
230
17500
2145000
2162500
240
28500
1243000
1271500
250
51500
610000
661500
260
432500
260000
692500
270
1739500
61000
1800500
280
3552500
0
3552500
290
5897500
0
5897500
300
8417500
0
8417500
310
11120500
0
11120500
320
14170500
0
14170500
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.