This page reflects PAM 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 — PAM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $85.00 (5.56 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$85.00
Nearest expiry
Expected Move
±$8.10
±10.2%
Days to Expiry
29
Calendar days
Total Call OI
1,260
Nearest expiry
Total Put OI
1,188
Nearest expiry
P/C OI Ratio
0.94
Put-heavy
Spot Price
$79.44
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
$85.00
4/17/2026, 11:21:24 PM
2026-05-15
$85.00
5/15/2026, 11:28:45 PM
2026-06-18NextUpdated
$85.00
5/20/2026, 11:26:57 PM
2026-09-18
$85.00
5/20/2026, 11:26:57 PM
2026-12-18
$65.00
5/20/2026, 11:26:57 PM
Selected expiration: 2026-06-18 at max pain $85.00.
PAM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
4711000
4711000
40
500
4117000
4117500
45
2000
3523000
3525000
50
7000
2929000
2936000
55
25500
2335000
2360500
60
46000
1741000
1787000
65
74000
1147000
1221000
70
103000
748000
851000
75
132000
407500
539500
80
161000
222500
383500
85
275000
84500
359500
90
472000
6500
478500
95
756000
0
756000
100
1176000
0
1176000
105
1794000
0
1794000
110
2412000
0
2412000
115
3030000
0
3030000
120
3659000
0
3659000
125
4288000
0
4288000
135
5548000
0
5548000
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.