This page reflects MIR 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 — MIR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $20.00 (1.96 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$2.17
±12.1%
Days to Expiry
29
Calendar days
Total Call OI
1,951
Nearest expiry
Total Put OI
453
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$18.04
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
$20.00
4/17/2026, 11:19:17 PM
2026-05-15
$20.00
5/15/2026, 11:25:09 PM
2026-06-18NextUpdated
$20.00
5/20/2026, 11:24:42 PM
2026-07-17
$17.50
5/20/2026, 11:24:42 PM
2026-08-21
$20.00
5/20/2026, 11:24:42 PM
2026-11-20
$15.00
5/20/2026, 11:24:42 PM
2027-01-15
$20.00
5/20/2026, 11:24:42 PM
Selected expiration: 2026-06-18 at max pain $20.00.
MIR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
564000
564000
7.5
0
451000
451000
10
0
338500
338500
12.5
0
226250
226250
15
0
114250
114250
17.5
0
5250
5250
20
3500
1000
4500
22.5
52500
500
53000
25
400250
0
400250
30
1375750
0
1375750
35
2351250
0
2351250
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.