This page reflects NEU 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 — NEU
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $660.00 (48.32 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$660.00
Nearest expiry
Expected Move
±$67.30
±9.5%
Days to Expiry
29
Calendar days
Total Call OI
52
Nearest expiry
Total Put OI
17
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$708.32
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
$615.00
4/17/2026, 11:20:09 PM
2026-05-15
$620.00
5/15/2026, 11:26:34 PM
2026-06-18NextUpdated
$660.00
5/20/2026, 11:21:20 PM
2026-09-18
$640.00
5/20/2026, 11:21:20 PM
2026-12-18
$750.00
5/20/2026, 11:21:20 PM
Selected expiration: 2026-06-18 at max pain $660.00.
NEU pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
390
0
402000
402000
410
4000
368000
372000
440
10000
317000
327000
500
22000
215000
237000
520
26000
181000
207000
535
29000
158500
187500
540
30500
151000
181500
580
46500
91000
137500
600
54500
69000
123500
620
62500
49000
111500
625
64500
44000
108500
635
68500
35000
103500
640
70500
31000
101500
660
78500
19000
97500
690
90500
7000
97500
700
94500
4000
98500
710
103500
1000
104500
715
109500
0
109500
725
121500
0
121500
730
127500
0
127500
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.