This page reflects MXL 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 — MXL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $65.00 (31.77 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$34.50
±35.6%
Days to Expiry
29
Calendar days
Total Call OI
16,906
Nearest expiry
Total Put OI
7,283
Nearest expiry
P/C OI Ratio
0.43
Put-heavy
Spot Price
$96.77
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
$17.00
4/17/2026, 11:21:32 PM
2026-05-15
$60.00
5/15/2026, 11:23:18 PM
2026-06-18NextUpdated
$65.00
5/20/2026, 11:26:14 PM
2026-07-17
$85.00
5/20/2026, 11:26:14 PM
2026-09-18
$34.00
5/20/2026, 11:26:14 PM
2026-12-18
$36.00
5/20/2026, 11:26:14 PM
2027-01-15
$85.00
5/20/2026, 11:26:14 PM
Selected expiration: 2026-06-18 at max pain $65.00.
MXL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
35873800
35873800
2
200
35145500
35145700
3
800
34417200
34418000
4
1500
33688900
33690400
5
2200
32960600
32962800
6
3000
32232300
32235300
7
3900
31504000
31507900
8
4900
30775700
30780600
9
6000
30049400
30055400
10
7200
29324100
29331300
11
8600
28606600
28615200
12
10000
27889400
27899400
13
11400
27183100
27194500
14
12800
26477300
26490100
15
18200
25782100
25800300
16
34900
25108200
25143100
17
52800
24506000
24558800
18
81100
23916500
23997600
19
113100
23335300
23448400
20
146500
22758000
22904500
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.