This page reflects KEY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — KEY
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $20.00 (1.49 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
±$1.25
±5.8%
Days to Expiry
28
Calendar days
Total Call OI
36,158
Nearest expiry
Total Put OI
27,002
Nearest expiry
P/C OI Ratio
0.75
Put-heavy
Spot Price
$21.49
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
5/21/2026, 11:17:44 PM
2026-07-17
$22.00
5/21/2026, 11:17:44 PM
2026-08-21
$22.00
5/21/2026, 11:17:44 PM
2026-09-18
$21.00
5/21/2026, 11:17:44 PM
2026-10-16
$22.00
5/21/2026, 11:17:44 PM
2026-11-20
$18.00
5/21/2026, 11:17:44 PM
2026-12-18
$20.00
5/21/2026, 11:17:44 PM
2027-01-15
$17.00
5/21/2026, 11:17:44 PM
2027-03-19
$20.00
5/21/2026, 11:17:44 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
40289500
40289500
5
600
34889300
34889900
8
1800
26789300
26791100
10
2800
21389300
21392100
11
3400
18695100
18698500
12
4100
16000900
16005000
13
4900
13306700
13311600
14
26800
10781600
10808400
15
49100
8500500
8549600
16
71400
6590900
6662300
17
95000
4706400
4801400
18
281300
3410500
3691800
19
482900
2172500
2655400
20
729900
1067400
1797300
21
1608700
365200
1973900
22
2915900
106700
3022600
23
5366400
52500
5418900
24
8584100
600
8584700
25
11960800
500
11961300
26
15513300
400
15513700
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.