This page reflects NET 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 — NET
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $197.50 (12.63 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$197.50
Nearest expiry
Expected Move
±$9.05
±4.3%
Days to Expiry
2
Calendar days
Total Call OI
8,292
Nearest expiry
Total Put OI
7,863
Nearest expiry
P/C OI Ratio
0.95
Put-heavy
Spot Price
$210.13
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$245.00
5/8/2026, 11:21:59 PM
2026-05-15
$195.00
5/15/2026, 11:29:52 PM
2026-05-22NextUpdated
$197.50
5/20/2026, 11:21:35 PM
2026-05-29
$200.00
5/20/2026, 11:21:35 PM
2026-06-05
$200.00
5/20/2026, 11:21:35 PM
2026-06-12
$210.00
5/20/2026, 11:21:35 PM
2026-06-18
$190.00
5/20/2026, 11:21:35 PM
2026-06-26
$195.00
5/20/2026, 11:21:35 PM
2026-07-17
$190.00
5/20/2026, 11:21:35 PM
2026-08-21
$185.00
5/20/2026, 11:21:35 PM
2026-09-18
$180.00
5/20/2026, 11:21:35 PM
2026-11-20
$240.00
5/20/2026, 11:21:35 PM
2026-12-18
$185.00
5/20/2026, 11:21:35 PM
2027-01-15
$165.00
5/20/2026, 11:21:35 PM
2027-03-19
$185.00
5/20/2026, 11:21:35 PM
Selected expiration: 2026-05-22 at max pain $197.50.
NET pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
95
0
65506050
65506050
100
0
61585550
61585550
105
500
57711550
57712050
110
1500
53837550
53839050
115
2500
49985550
49988050
120
3500
46144050
46147550
125
4500
42392050
42396550
130
15500
38772550
38788050
135
26500
35176050
35202550
140
59000
31624050
31683050
145
139500
28119550
28259050
147
172100
26737150
26909250
148
188400
26072550
26260950
149
204700
25408550
25613250
150
221000
24745750
24966750
152.5
281000
23111000
23392000
155
341000
21478000
21819000
157.5
422750
19855750
20278500
160
504500
18235250
18739750
162.5
587000
16633750
17220750
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.