This page reflects NOC 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 — NOC
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $575.00 (22.83 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$575.00
Nearest expiry
Expected Move
±$37.30
±6.8%
Days to Expiry
29
Calendar days
Total Call OI
5,396
Nearest expiry
Total Put OI
4,859
Nearest expiry
P/C OI Ratio
0.90
Put-heavy
Spot Price
$552.17
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
$690.00
4/17/2026, 11:22:29 PM
2026-05-15
$565.00
5/15/2026, 11:31:08 PM
2026-06-18NextUpdated
$575.00
5/20/2026, 11:26:25 PM
2026-07-17
$545.00
5/20/2026, 11:26:25 PM
2026-08-21
$600.00
5/20/2026, 11:26:25 PM
2026-09-18
$600.00
5/20/2026, 11:26:25 PM
2026-11-20
$520.00
5/20/2026, 11:26:25 PM
2026-12-18
$600.00
5/20/2026, 11:26:25 PM
2027-01-15
$580.00
5/20/2026, 11:26:25 PM
2027-03-19
$620.00
5/20/2026, 11:26:25 PM
Selected expiration: 2026-06-18 at max pain $575.00.
NOC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
230
0
146761000
146761000
240
0
141927000
141927000
250
0
137116000
137116000
280
0
122698000
122698000
300
0
113086000
113086000
310
0
108287000
108287000
320
0
103489000
103489000
340
6000
93901000
93907000
350
9000
89135000
89144000
360
12000
84410000
84422000
370
15000
79707000
79722000
380
18000
75009000
75027000
390
21000
70317000
70338000
400
28000
65625000
65653000
410
39000
61007000
61046000
420
53000
56513000
56566000
430
67000
52080000
52147000
440
87000
47731000
47818000
450
111000
43452000
43563000
460
150000
39303000
39453000
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.