This page reflects MGA 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 — MGA
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $55.00 (5.96 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$55.00
Nearest expiry
Expected Move
±$4.60
±7.5%
Days to Expiry
29
Calendar days
Total Call OI
3,536
Nearest expiry
Total Put OI
5,027
Nearest expiry
P/C OI Ratio
1.42
Put-heavy
Spot Price
$60.96
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
$57.50
4/17/2026, 11:18:50 PM
2026-05-15
$62.50
5/15/2026, 11:25:37 PM
2026-06-18NextUpdated
$55.00
5/20/2026, 11:24:13 PM
2026-07-17
$62.50
5/20/2026, 11:24:13 PM
2026-09-18
$50.00
5/20/2026, 11:24:13 PM
2026-12-18
$57.50
5/20/2026, 11:24:13 PM
2027-01-15
$40.00
5/20/2026, 11:24:13 PM
Selected expiration: 2026-06-18 at max pain $55.00.
MGA pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
14193750
14193750
27.5
0
12937250
12937250
30
0
11688250
11688250
32.5
12500
10439250
10451750
35
25000
9192000
9217000
37.5
37500
7948500
7986000
40
52000
6711250
6763250
42.5
66500
5474000
5540500
45
81000
4277000
4358000
47.5
95500
3085750
3181250
50
113000
1900500
2013500
52.5
135750
931250
1067000
55
171000
93500
264500
57.5
371750
46750
418500
60
604000
14000
618000
62.5
1253750
4500
1258250
65
1944250
1750
1946000
67.5
2742250
0
2742250
70
3543000
0
3543000
72.5
4415250
0
4415250
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.