This page reflects M 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 — M
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $18.50 (1.50 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.50
Nearest expiry
Expected Move
±$0.64
±3.2%
Days to Expiry
2
Calendar days
Total Call OI
3,934
Nearest expiry
Total Put OI
4,377
Nearest expiry
P/C OI Ratio
1.11
Put-heavy
Spot Price
$20.00
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
$19.00
5/8/2026, 11:20:58 PM
2026-05-15
$19.00
5/15/2026, 11:23:35 PM
2026-05-22NextUpdated
$18.50
5/20/2026, 11:23:53 PM
2026-05-29
$19.00
5/20/2026, 11:23:53 PM
2026-06-05
$19.00
5/20/2026, 11:23:53 PM
2026-06-12
$19.00
5/20/2026, 11:23:53 PM
2026-06-18
$20.00
5/20/2026, 11:23:53 PM
2026-06-26
$19.00
5/20/2026, 11:23:53 PM
2026-07-17
$18.00
5/20/2026, 11:23:53 PM
2026-08-21
$18.00
5/20/2026, 11:23:53 PM
2026-09-18
$17.00
5/20/2026, 11:23:53 PM
2026-11-20
$18.00
5/20/2026, 11:23:53 PM
2026-12-18
$17.00
5/20/2026, 11:23:53 PM
2027-01-15
$13.00
5/20/2026, 11:23:53 PM
2027-03-19
$20.00
5/20/2026, 11:23:53 PM
Selected expiration: 2026-05-22 at max pain $18.50.
M pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
11
0
2864200
2864200
12
1000
2426500
2427500
12.5
1700
2207650
2209350
13
2750
1988800
1991550
13.5
4400
1769950
1774350
14.5
7900
1332250
1340150
15
9700
1113650
1123350
15.5
11600
895150
906750
16
13650
684450
698100
16.5
15700
480950
496650
17
17850
334850
352700
17.5
20250
208500
228750
18
23100
111800
134900
18.5
55050
41200
96250
19
124650
15600
140250
19.5
233350
7500
240850
20
363550
3100
366650
20.5
529000
2600
531600
21
699200
2200
701400
21.5
872600
1800
874400
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.