This page reflects MKL 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 — MKL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $1860.00 (1.40 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$1860.00
Nearest expiry
Expected Move
±$36.65
±2.0%
Days to Expiry
29
Calendar days
Total Call OI
24
Nearest expiry
Total Put OI
158
Nearest expiry
P/C OI Ratio
6.58
Put-heavy
Spot Price
$1858.60
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
$1900.00
4/17/2026, 11:24:45 PM
2026-05-15
$1820.00
5/15/2026, 11:23:55 PM
2026-06-18NextUpdated
$1860.00
5/20/2026, 11:22:59 PM
2026-07-17
$1860.00
5/20/2026, 11:22:59 PM
2026-10-16
$1920.00
5/20/2026, 11:22:59 PM
Selected expiration: 2026-06-18 at max pain $1860.00.
MKL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
1560
0
2685000
2685000
1600
0
2057000
2057000
1620
4000
1749000
1753000
1640
8000
1443000
1451000
1680
16000
835000
851000
1700
20000
657000
677000
1720
24000
485000
509000
1740
28000
351000
379000
1760
34000
221000
255000
1780
42000
133000
175000
1800
52000
97000
149000
1820
62000
65000
127000
1830
68000
52000
120000
1850
80000
30000
110000
1860
88000
20000
108000
1870
96000
14000
110000
1880
105000
8000
113000
1890
115000
6000
121000
1900
126000
4000
130000
1920
152000
0
152000
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.