This page reflects MZTI 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 — MZTI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $130.00 (18.00 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$130.00
Nearest expiry
Expected Move
±$8.52
±7.6%
Days to Expiry
29
Calendar days
Total Call OI
37
Nearest expiry
Total Put OI
143
Nearest expiry
P/C OI Ratio
3.86
Put-heavy
Spot Price
$112.00
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
$140.00
4/17/2026, 11:19:47 PM
2026-05-15
$125.00
5/15/2026, 11:30:07 PM
2026-06-18NextUpdated
$130.00
5/20/2026, 11:20:51 PM
2026-09-18
$115.00
5/20/2026, 11:20:51 PM
2026-12-18
$125.00
5/20/2026, 11:20:51 PM
Selected expiration: 2026-06-18 at max pain $130.00.
MZTI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
95
0
440000
440000
100
0
369000
369000
105
5000
298000
303000
110
10500
227000
237500
115
17000
160500
177500
120
29000
96500
125500
125
42500
33500
76000
130
57000
2000
59000
135
71500
0
71500
140
87500
0
87500
155
137000
0
137000
160
153500
0
153500
165
171000
0
171000
175
206000
0
206000
195
278000
0
278000
200
296500
0
296500
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.