This page reflects PBF 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 — PBF
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $39.00 (2.75 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$39.00
Nearest expiry
Expected Move
±$6.85
±16.4%
Days to Expiry
29
Calendar days
Total Call OI
11,927
Nearest expiry
Total Put OI
5,974
Nearest expiry
P/C OI Ratio
0.50
Put-heavy
Spot Price
$41.75
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
$43.00
4/17/2026, 11:22:17 PM
2026-05-15
$41.00
5/15/2026, 11:30:23 PM
2026-06-18NextUpdated
$39.00
5/20/2026, 11:28:40 PM
2026-07-17
$41.00
5/20/2026, 11:28:40 PM
2026-09-18
$42.00
5/20/2026, 11:28:40 PM
2026-12-18
$34.00
5/20/2026, 11:28:40 PM
2027-01-15
$28.00
5/20/2026, 11:28:40 PM
Selected expiration: 2026-06-18 at max pain $39.00.
PBF pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
11285300
11285300
20
0
8318800
8318800
22
400
7133400
7133800
23
600
6541700
6542300
24
800
5950000
5950800
25
1000
5358300
5359300
26
1300
4949200
4950500
27
2300
4540800
4543100
28
5600
4134200
4139800
29
10800
3733400
3744200
30
17000
3335200
3352200
31
34800
2942900
2977700
32
55400
2559200
2614600
33
125600
2179900
2305500
34
197800
1804600
2002400
35
274500
1434100
1708600
36
377800
1100600
1478400
37
482800
788700
1271500
38
592200
634600
1226800
39
704800
505200
1210000
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.