This page reflects LW 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 — LW
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $42.00 (0.04 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.00
Nearest expiry
Expected Move
±$0.95
±2.3%
Days to Expiry
2
Calendar days
Total Call OI
595
Nearest expiry
Total Put OI
1,900
Nearest expiry
P/C OI Ratio
3.19
Put-heavy
Spot Price
$41.96
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
$43.00
5/8/2026, 11:21:05 PM
2026-05-15
$42.00
5/15/2026, 11:22:34 PM
2026-05-22NextUpdated
$42.00
5/20/2026, 11:17:36 PM
2026-05-29
$40.00
5/20/2026, 11:17:36 PM
2026-06-05
$36.00
5/20/2026, 11:17:36 PM
2026-06-12
$37.00
5/20/2026, 11:17:36 PM
2026-06-18
$47.50
5/20/2026, 11:17:36 PM
2026-06-26
$41.00
5/20/2026, 11:17:36 PM
2026-07-17
$42.50
5/20/2026, 11:17:36 PM
2026-10-16
$42.50
5/20/2026, 11:17:36 PM
2027-01-15
$45.00
5/20/2026, 11:17:36 PM
Selected expiration: 2026-05-22 at max pain $42.00.
LW pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
29
0
2273100
2273100
30
1300
2083100
2084400
31
3900
1893100
1897000
32
10000
1703100
1713100
33
22100
1513100
1535200
34
36200
1323200
1359400
35
51300
1133300
1184600
36
69300
943600
1012900
37
91100
754100
845200
38
114200
573300
687500
39
140500
392900
533400
39.5
154500
302950
457450
40
168500
213200
381700
40.5
182700
149750
332450
41
196900
86350
283250
41.5
211650
50600
262250
42
226450
15650
242100
42.5
242400
6200
248600
43
260800
1000
261800
43.5
280500
600
281100
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.