This page reflects LUV 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 — LUV
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $39.00 (0.70 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$39.00
Nearest expiry
Expected Move
±$1.54
±3.9%
Days to Expiry
2
Calendar days
Total Call OI
4,944
Nearest expiry
Total Put OI
4,416
Nearest expiry
P/C OI Ratio
0.89
Put-heavy
Spot Price
$39.70
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$38.50
5/8/2026, 11:22:11 PM
2026-05-15
$40.00
5/15/2026, 11:20:42 PM
2026-05-22NextUpdated
$39.00
5/20/2026, 11:21:05 PM
2026-05-29
$39.00
5/20/2026, 11:21:05 PM
2026-06-05
$40.00
5/20/2026, 11:21:05 PM
2026-06-12
$40.00
5/20/2026, 11:21:05 PM
2026-06-18
$42.50
5/20/2026, 11:21:05 PM
2026-06-26
$44.00
5/20/2026, 11:21:05 PM
2026-07-17
$37.50
5/20/2026, 11:21:05 PM
2026-09-18
$45.00
5/20/2026, 11:21:05 PM
2026-12-18
$40.00
5/20/2026, 11:21:05 PM
2027-01-15
$35.00
5/20/2026, 11:21:05 PM
2027-03-19
$40.00
5/20/2026, 11:21:05 PM
Selected expiration: 2026-05-22 at max pain $39.00.
LUV pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
28
0
4042400
4042400
29
0
3601600
3601600
29.5
250
3383000
3383250
30
650
3164400
3165050
30.5
1050
2945950
2947000
31
1450
2727600
2729050
31.5
1850
2509450
2511300
32
7600
2291350
2298950
32.5
13550
2085550
2099100
33
24900
1879750
1904650
33.5
36250
1674300
1710550
34
47600
1471450
1519050
34.5
59050
1296200
1355250
35
70500
1125950
1196450
35.5
82450
959550
1042000
36
94400
795700
890100
36.5
115600
656950
772550
37
136800
531050
667850
37.5
169600
431200
600800
38
203000
338950
541950
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.