This page reflects PBI 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 — PBI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $13.00 (2.30 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$13.00
Nearest expiry
Expected Move
±$1.27
±8.3%
Days to Expiry
29
Calendar days
Total Call OI
3,062
Nearest expiry
Total Put OI
538
Nearest expiry
P/C OI Ratio
0.18
Put-heavy
Spot Price
$15.30
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
$10.00
4/17/2026, 11:26:33 PM
2026-05-15
$12.00
5/15/2026, 11:30:48 PM
2026-06-18NextUpdated
$13.00
5/20/2026, 11:26:56 PM
2026-07-17
$13.00
5/20/2026, 11:26:56 PM
2026-08-21
$12.00
5/20/2026, 11:26:56 PM
2026-10-16
$12.00
5/20/2026, 11:26:56 PM
2026-11-20
$16.00
5/20/2026, 11:26:56 PM
2027-01-15
$5.00
5/20/2026, 11:26:56 PM
Selected expiration: 2026-06-18 at max pain $13.00.
PBI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
4
0
519100
519100
5
0
465300
465300
8
300
303900
304200
9
400
250200
250600
10
500
196500
197000
11
800
142800
143600
12
1300
89100
90400
13
5400
46500
51900
14
61200
24100
85300
15
118600
10800
129400
16
197300
4600
201900
17
287800
3700
291500
18
508300
3000
511300
19
736000
2300
738300
20
965800
1800
967600
22
1578000
1200
1579200
24
2190200
800
2191000
28
3414600
0
3414600
29
3720700
0
3720700
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.