This page reflects OWL 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 — OWL
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $10.00 (0.27 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$10.00
Nearest expiry
Expected Move
±$0.50
±5.1%
Days to Expiry
2
Calendar days
Total Call OI
15,156
Nearest expiry
Total Put OI
7,853
Nearest expiry
P/C OI Ratio
0.52
Put-heavy
Spot Price
$9.73
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
$10.00
5/8/2026, 11:24:59 PM
2026-05-15
$10.50
5/15/2026, 11:29:32 PM
2026-05-22NextUpdated
$10.00
5/20/2026, 11:23:47 PM
2026-05-29
$9.50
5/20/2026, 11:23:47 PM
2026-06-05
$9.50
5/20/2026, 11:23:47 PM
2026-06-12
$9.50
5/20/2026, 11:23:47 PM
2026-06-18
$11.00
5/20/2026, 11:23:47 PM
2026-06-26
$10.50
5/20/2026, 11:23:47 PM
2026-07-17
$10.00
5/20/2026, 11:23:47 PM
2026-08-21
$11.00
5/20/2026, 11:23:47 PM
2026-09-18
$10.00
5/20/2026, 11:23:47 PM
2026-10-16
$10.00
5/20/2026, 11:23:47 PM
2026-11-20
$10.00
5/20/2026, 11:23:47 PM
2026-12-18
$10.00
5/20/2026, 11:23:47 PM
2027-01-15
$12.00
5/20/2026, 11:23:47 PM
2027-02-19
$10.00
5/20/2026, 11:23:47 PM
Selected expiration: 2026-05-22 at max pain $10.00.
OWL pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
4781300
4781300
4
0
3996300
3996300
5
100
3211600
3211700
5.5
150
2819350
2819500
6
200
2427300
2427500
6.5
250
2035450
2035700
7
300
1643900
1644200
7.5
350
1256650
1257000
8
400
882100
882500
8.5
550
537400
537950
9
1150
224550
225700
9.5
13200
82450
95650
10
53450
28200
81650
10.5
246350
1550
247900
11
497550
1100
498650
11.5
804000
850
804850
12
1519850
650
1520500
12.5
2274450
500
2274950
13
3031300
350
3031650
13.5
3788150
200
3788350
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.