This page reflects NN 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 — NN
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $18.00 (5.18 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$1.45
±6.3%
Days to Expiry
2
Calendar days
Total Call OI
2,839
Nearest expiry
Total Put OI
932
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$23.18
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
$17.00
5/8/2026, 11:22:09 PM
2026-05-15
$18.00
5/15/2026, 11:25:33 PM
2026-05-22NextUpdated
$18.00
5/20/2026, 11:26:23 PM
2026-05-29
$19.00
5/20/2026, 11:26:23 PM
2026-06-05
$18.50
5/20/2026, 11:26:23 PM
2026-06-12
$18.00
5/20/2026, 11:26:23 PM
2026-06-18
$15.00
5/20/2026, 11:26:23 PM
2026-06-26
$19.50
5/20/2026, 11:26:23 PM
2026-07-17
$11.00
5/20/2026, 11:26:23 PM
2026-08-21
$20.00
5/20/2026, 11:26:23 PM
2026-09-18
$12.00
5/20/2026, 11:26:23 PM
2026-12-18
$20.00
5/20/2026, 11:26:23 PM
2027-01-15
$12.00
5/20/2026, 11:26:23 PM
Selected expiration: 2026-05-22 at max pain $18.00.
NN pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
1184700
1184700
7
0
998500
998500
8
300
905400
905700
9
700
812600
813300
9.5
1500
766300
767800
10
2900
720000
722900
10.5
5300
673750
679050
11
8750
627500
636250
11.5
12300
581500
593800
12
16000
535700
551700
12.5
19800
490050
509850
13
23650
444700
468350
13.5
27600
399900
427500
14
31550
355350
386900
14.5
35500
310950
346450
15
39500
266650
306150
15.5
43500
222900
266400
16
54650
181200
235850
16.5
65950
150300
216250
17
78250
121550
199800
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.