This page reflects NRG 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 — NRG
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $130.00 (3.98 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$130.00
Nearest expiry
Expected Move
±$4.18
±3.1%
Days to Expiry
2
Calendar days
Total Call OI
1,813
Nearest expiry
Total Put OI
2,017
Nearest expiry
P/C OI Ratio
1.11
Put-heavy
Spot Price
$133.98
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
$152.50
5/8/2026, 11:23:08 PM
2026-05-15
$145.00
5/15/2026, 11:31:21 PM
2026-05-22NextUpdated
$130.00
5/20/2026, 11:23:36 PM
2026-05-29
$140.00
5/20/2026, 11:23:36 PM
2026-06-05
$135.00
5/20/2026, 11:23:36 PM
2026-06-12
$135.00
5/20/2026, 11:23:36 PM
2026-06-18
$130.00
5/20/2026, 11:23:36 PM
2026-06-26
$125.00
5/20/2026, 11:23:36 PM
2026-07-17
$125.00
5/20/2026, 11:23:36 PM
2026-09-18
$150.00
5/20/2026, 11:23:36 PM
2026-12-18
$130.00
5/20/2026, 11:23:36 PM
2027-01-15
$135.00
5/20/2026, 11:23:36 PM
2027-03-19
$145.00
5/20/2026, 11:23:36 PM
Selected expiration: 2026-05-22 at max pain $130.00.
NRG pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
8953950
8953950
85
0
7945450
7945450
95
0
5928450
5928450
100
0
4959950
4959950
105
0
4021450
4021450
110
0
3112950
3112950
115
0
2207450
2207450
116
1200
2061250
2062450
120
10800
1476450
1487250
121
13400
1339750
1353150
122
22000
1203350
1225350
123
36600
1071250
1107850
124
62700
940850
1003550
125
99700
810650
910350
126
136700
690150
826850
127
174500
573850
748350
128
212300
458350
670650
129
250100
348850
598950
130
288400
241450
529850
131
328200
216150
544350
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.