This page reflects MUX 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 — MUX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $23.00 (1.45 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$23.00
Nearest expiry
Expected Move
±$3.22
±15.0%
Days to Expiry
29
Calendar days
Total Call OI
3,119
Nearest expiry
Total Put OI
331
Nearest expiry
P/C OI Ratio
0.11
Put-heavy
Spot Price
$21.55
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, 11:19:14 PM
2026-05-15
$16.00
5/15/2026, 11:25:29 PM
2026-06-18NextUpdated
$23.00
5/20/2026, 11:25:40 PM
2026-08-21
$27.00
5/20/2026, 11:25:40 PM
2026-11-20
$27.00
5/20/2026, 11:25:40 PM
2027-01-15
$20.00
5/20/2026, 11:25:40 PM
Selected expiration: 2026-06-18 at max pain $23.00.
MUX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
263100
263100
15
0
230200
230200
16
0
199200
199200
17
0
168400
168400
18
0
139200
139200
19
0
112400
112400
20
300
86800
87100
21
4700
64000
68700
22
9300
43000
52300
23
16400
25100
41500
24
29600
12200
41800
25
47300
5500
52800
26
84000
2900
86900
27
218900
1200
220100
28
399700
400
400100
29
667200
200
667400
30
974200
0
974200
31
1283600
0
1283600
32
1593100
0
1593100
33
1903600
0
1903600
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.