This page reflects PAAS 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 — PAAS
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $56.00 (1.17 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$56.00
Nearest expiry
Expected Move
±$2.15
±3.9%
Days to Expiry
2
Calendar days
Total Call OI
5,502
Nearest expiry
Total Put OI
2,275
Nearest expiry
P/C OI Ratio
0.41
Put-heavy
Spot Price
$54.83
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
$55.00
5/8/2026, 11:26:02 PM
2026-05-15
$50.00
5/15/2026, 11:28:32 PM
2026-05-22NextUpdated
$56.00
5/20/2026, 11:23:08 PM
2026-05-29
$57.00
5/20/2026, 11:23:08 PM
2026-06-05
$55.00
5/20/2026, 11:23:08 PM
2026-06-12
$57.00
5/20/2026, 11:23:08 PM
2026-06-18
$60.00
5/20/2026, 11:23:08 PM
2026-06-26
$58.00
5/20/2026, 11:23:08 PM
2026-07-17
$55.00
5/20/2026, 11:23:08 PM
2026-08-21
$55.00
5/20/2026, 11:23:08 PM
2026-10-16
$60.00
5/20/2026, 11:23:08 PM
2026-11-20
$55.00
5/20/2026, 11:23:08 PM
2027-01-15
$30.00
5/20/2026, 11:23:08 PM
2027-03-19
$50.00
5/20/2026, 11:23:08 PM
Selected expiration: 2026-05-22 at max pain $56.00.
PAAS pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
4235950
4235950
39
2000
3328350
3330350
40
2500
3102750
3105250
41
3000
2885650
2888650
42
3500
2669850
2673350
42.5
3750
2562000
2565750
43
4000
2454900
2458900
44
5100
2242100
2247200
44.5
6100
2136350
2142450
45
7100
2030700
2037800
45.5
8300
1928150
1936450
46
9500
1826450
1835950
47
13200
1625750
1638950
47.5
15150
1529350
1544500
48
17150
1433200
1450350
48.5
19150
1338900
1358050
49
21150
1245000
1266150
49.5
23400
1153850
1177250
50
25700
1064400
1090100
51
35400
892300
927700
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.