This page reflects PAGS 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 — PAGS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $9.00 (0.32 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$9.00
Nearest expiry
Expected Move
±$1.05
±11.3%
Days to Expiry
29
Calendar days
Total Call OI
3,935
Nearest expiry
Total Put OI
2,311
Nearest expiry
P/C OI Ratio
0.59
Put-heavy
Spot Price
$9.32
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
$9.00
4/17/2026, 11:20:44 PM
2026-05-15
$10.00
5/15/2026, 11:32:14 PM
2026-06-18NextUpdated
$9.00
5/20/2026, 11:27:03 PM
2026-07-17
$10.00
5/20/2026, 11:27:03 PM
2026-08-21
$8.00
5/20/2026, 11:27:03 PM
2026-11-20
$9.00
5/20/2026, 11:27:03 PM
2027-01-15
$7.00
5/20/2026, 11:27:03 PM
Selected expiration: 2026-06-18 at max pain $9.00.
PAGS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
1448600
1448600
6
0
755300
755300
7
0
525400
525400
8
0
296400
296400
9
12100
102400
114500
10
285800
9600
295400
11
609700
0
609700
12
977600
0
977600
13
1359600
0
1359600
15
2145000
0
2145000
17
2930400
0
2930400
18
3323700
0
3323700
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.