This page reflects NGL 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 — NGL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $8.00 (9.18 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$8.00
Nearest expiry
Expected Move
±$1.42
±8.3%
Days to Expiry
29
Calendar days
Total Call OI
972
Nearest expiry
Total Put OI
14
Nearest expiry
P/C OI Ratio
0.01
Put-heavy
Spot Price
$17.18
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
$6.00
4/17/2026, 11:20:30 PM
2026-05-15
$14.00
5/15/2026, 11:29:07 PM
2026-06-18NextUpdated
$8.00
5/20/2026, 11:22:50 PM
2026-07-17
$9.00
5/20/2026, 11:22:50 PM
2026-10-16
$10.00
5/20/2026, 11:22:50 PM
Selected expiration: 2026-06-18 at max pain $8.00.
NGL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
6
0
10300
10300
8
1800
7500
9300
9
4300
6100
10400
10
7400
4700
12100
11
10900
3300
14200
12
14700
1900
16600
13
18600
1000
19600
14
22800
600
23400
15
27100
200
27300
16
37500
0
37500
17
74800
0
74800
18
127300
0
127300
19
199700
0
199700
20
285600
0
285600
21
380200
0
380200
22
475100
0
475100
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.