This page reflects MKTX 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 — MKTX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $155.00 (17.22 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$155.00
Nearest expiry
Expected Move
±$6.10
±4.4%
Days to Expiry
29
Calendar days
Total Call OI
117
Nearest expiry
Total Put OI
263
Nearest expiry
P/C OI Ratio
2.25
Put-heavy
Spot Price
$137.78
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
$170.00
4/17/2026, 11:18:13 PM
2026-05-15
$150.00
5/15/2026, 11:24:23 PM
2026-06-18NextUpdated
$155.00
5/20/2026, 11:20:05 PM
2026-07-17
$155.00
5/20/2026, 11:20:05 PM
2026-08-21
$175.00
5/20/2026, 11:20:05 PM
2026-09-18
$180.00
5/20/2026, 11:20:05 PM
2026-11-20
$155.00
5/20/2026, 11:20:05 PM
Selected expiration: 2026-06-18 at max pain $155.00.
MKTX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
115
0
641000
641000
125
0
415000
415000
130
0
307500
307500
135
0
220000
220000
140
0
146500
146500
145
0
78500
78500
150
4000
45000
49000
155
15000
22000
37000
160
36500
4500
41000
165
68000
1500
69500
170
109500
0
109500
180
212500
0
212500
185
268000
0
268000
200
436000
0
436000
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.