This page reflects KEY 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 — KEY
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $20.00 (1.41 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$1.38
±6.4%
Days to Expiry
29
Calendar days
Total Call OI
32,293
Nearest expiry
Total Put OI
27,028
Nearest expiry
P/C OI Ratio
0.84
Put-heavy
Spot Price
$21.41
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
$20.00
4/17/2026, 11:17:55 PM
2026-05-15
$20.00
5/15/2026, 11:22:58 PM
2026-06-18NextUpdated
$20.00
5/20/2026, 11:18:03 PM
2026-07-17
$22.00
5/20/2026, 11:18:03 PM
2026-08-21
$22.00
5/20/2026, 11:18:03 PM
2026-09-18
$21.00
5/20/2026, 11:18:03 PM
2026-10-16
$22.00
5/20/2026, 11:18:03 PM
2026-11-20
$18.00
5/20/2026, 11:18:03 PM
2026-12-18
$20.00
5/20/2026, 11:18:03 PM
2027-01-15
$17.00
5/20/2026, 11:18:03 PM
2027-03-19
$20.00
5/20/2026, 11:18:03 PM
Selected expiration: 2026-06-18 at max pain $20.00.
KEY pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
40341200
40341200
5
600
34935800
34936400
8
1800
26828000
26829800
10
2800
21422800
21425600
11
3400
18726000
18729400
12
4100
16029200
16033300
13
4900
13332400
13337300
14
26800
10804700
10831500
15
49100
8521000
8570100
16
71400
6608800
6680200
17
95000
4721700
4816700
18
281300
3423200
3704500
19
483000
2182600
2665600
20
730200
1075000
1805200
21
1607700
369200
1976900
22
2918200
106700
3024900
23
5369600
52500
5422100
24
8200800
600
8201400
25
11191000
500
11191500
26
14357000
400
14357400
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.