This page reflects LII 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 — LII
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $490.00 (3.33 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$490.00
Nearest expiry
Expected Move
±$43.45
±8.8%
Days to Expiry
29
Calendar days
Total Call OI
181
Nearest expiry
Total Put OI
103
Nearest expiry
P/C OI Ratio
0.57
Put-heavy
Spot Price
$493.33
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
$480.00
4/17/2026, 11:17:36 PM
2026-05-15
$490.00
5/15/2026, 11:22:48 PM
2026-06-18NextUpdated
$490.00
5/20/2026, 11:19:03 PM
2026-09-18
$530.00
5/20/2026, 11:19:03 PM
2026-12-18
$500.00
5/20/2026, 11:19:03 PM
Selected expiration: 2026-06-18 at max pain $490.00.
LII pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
270
0
2018000
2018000
280
1000
1915000
1916000
320
5000
1503000
1508000
330
6000
1400000
1406000
340
7000
1297000
1304000
350
8000
1194000
1202000
360
9000
1091000
1100000
370
10000
990000
1000000
380
11000
891000
902000
390
12000
794000
806000
400
14000
697000
711000
410
20000
605000
625000
420
26000
513000
539000
430
32000
425000
457000
440
38000
337000
375000
450
44000
251000
295000
460
50000
186000
236000
470
56000
132000
188000
480
64000
95000
159000
490
74000
81000
155000
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.