This page reflects NE 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 — NE
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $37.50 (16.47 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$37.50
Nearest expiry
Expected Move
±$5.40
±10.0%
Days to Expiry
29
Calendar days
Total Call OI
9,770
Nearest expiry
Total Put OI
1,613
Nearest expiry
P/C OI Ratio
0.17
Put-heavy
Spot Price
$53.97
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
$45.00
4/17/2026, 11:21:39 PM
2026-05-15
$50.00
5/15/2026, 11:26:58 PM
2026-06-18NextUpdated
$37.50
5/20/2026, 11:22:32 PM
2026-09-18
$47.50
5/20/2026, 11:22:32 PM
2026-12-18
$27.50
5/20/2026, 11:22:32 PM
2027-01-15
$30.00
5/20/2026, 11:22:32 PM
2027-04-16
$35.00
5/20/2026, 11:22:32 PM
Selected expiration: 2026-06-18 at max pain $37.50.
NE pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
4139250
4139250
17.5
0
3736750
3736750
20
0
3334250
3334250
22.5
0
2951000
2951000
25
500
2576250
2576750
27.5
1000
2221250
2222250
30
1500
1896750
1898250
32.5
31000
1603250
1634250
35
98250
1309750
1408000
37.5
377500
1030000
1407500
40
708750
757750
1466500
42.5
1114000
518500
1632500
45
1559500
299000
1858500
47.5
2372000
146500
2518500
50
3201250
13000
3214250
52.5
4595000
750
4595750
55
6155750
0
6155750
57.5
8146000
0
8146000
60
10172250
0
10172250
65
15039250
0
15039250
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.