This page reflects MLI 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 — MLI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $120.00 (14.08 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$120.00
Nearest expiry
Expected Move
±$9.55
±7.1%
Days to Expiry
29
Calendar days
Total Call OI
1,488
Nearest expiry
Total Put OI
301
Nearest expiry
P/C OI Ratio
0.20
Put-heavy
Spot Price
$134.08
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
$115.00
4/17/2026, 11:25:38 PM
2026-05-15
$120.00
5/15/2026, 11:27:38 PM
2026-06-18NextUpdated
$120.00
5/20/2026, 11:24:30 PM
2026-09-18
$100.00
5/20/2026, 11:24:30 PM
2026-12-18
$130.00
5/20/2026, 11:24:30 PM
Selected expiration: 2026-06-18 at max pain $120.00.
MLI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
50
0
2071500
2071500
65
3000
1620000
1623000
70
4000
1470000
1474000
75
15000
1320500
1335500
80
26000
1174500
1200500
85
37000
1029000
1066000
90
49000
884000
933000
95
76000
739500
815500
100
103000
599000
702000
105
144500
468000
612500
110
190500
342000
532500
115
266500
221000
487500
120
358500
114000
472500
125
487000
48500
535500
130
743000
18000
761000
135
1146000
500
1146500
140
1644500
0
1644500
145
2249000
0
2249000
150
2901000
0
2901000
155
3615000
0
3615000
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.