This page reflects NMAX 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 — NMAX
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $6.50 (0.81 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$6.50
Nearest expiry
Expected Move
±$0.78
±10.6%
Days to Expiry
2
Calendar days
Total Call OI
3,005
Nearest expiry
Total Put OI
407
Nearest expiry
P/C OI Ratio
0.14
Put-heavy
Spot Price
$7.31
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
$6.50
5/8/2026, 11:23:59 PM
2026-05-15
$6.50
5/15/2026, 11:27:12 PM
2026-05-22NextUpdated
$6.50
5/20/2026, 11:23:26 PM
2026-05-29
$6.00
5/20/2026, 11:23:26 PM
2026-06-05
$2.50
5/20/2026, 11:23:26 PM
2026-06-18
$7.50
5/20/2026, 11:23:26 PM
2026-07-17
$7.50
5/20/2026, 11:23:26 PM
2026-10-16
$7.50
5/20/2026, 11:23:26 PM
2027-01-15
$10.00
5/20/2026, 11:23:26 PM
Selected expiration: 2026-05-22 at max pain $6.50.
NMAX pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
2
0
190250
190250
2.5
150
169900
170050
3
300
149650
149950
4
1100
109150
110250
4.5
1600
89100
90700
5
2100
69100
71200
5.5
3600
50400
54000
6
5350
31700
37050
6.5
7850
14250
22100
7
18700
4650
23350
7.5
35300
3250
38550
8
122600
2500
125100
8.5
214050
2250
216300
9.5
417050
1750
418800
10
518600
1500
520100
12.5
1113850
250
1114100
13
1264000
0
1264000
15
1864600
0
1864600
20
3366600
0
3366600
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.