This page reflects PCT 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 — PCT
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $11.00 (0.86 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$11.00
Nearest expiry
Expected Move
±$0.78
±6.5%
Days to Expiry
2
Calendar days
Total Call OI
9,234
Nearest expiry
Total Put OI
4,947
Nearest expiry
P/C OI Ratio
0.54
Put-heavy
Spot Price
$11.86
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
$8.00
5/8/2026, 11:23:32 PM
2026-05-15
$8.00
5/15/2026, 11:33:54 PM
2026-05-22NextUpdated
$11.00
5/20/2026, 11:27:03 PM
2026-05-29
$12.50
5/20/2026, 11:27:03 PM
2026-06-05
$11.00
5/20/2026, 11:27:03 PM
2026-06-12
$10.00
5/20/2026, 11:27:03 PM
2026-06-18
$6.00
5/20/2026, 11:27:03 PM
2026-06-26
$9.00
5/20/2026, 11:27:03 PM
2026-07-17
$7.00
5/20/2026, 11:27:03 PM
2026-08-21
$12.00
5/20/2026, 11:27:03 PM
2026-11-20
$7.00
5/20/2026, 11:27:03 PM
2027-01-15
$10.00
5/20/2026, 11:27:03 PM
Selected expiration: 2026-05-22 at max pain $11.00.
PCT pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
4845600
4845600
1.5
0
4598300
4598300
2
0
4351500
4351500
3
200
3857900
3858100
3.5
600
3611100
3611700
4
1450
3364300
3365750
4.5
2350
3117500
3119850
5
3300
2870850
2874150
5.5
4400
2625000
2629400
6
5950
2379150
2385100
6.5
7650
2135350
2143000
7
9400
1891550
1900950
7.5
11650
1649800
1661450
8
21850
1410450
1432300
8.5
32550
1176700
1209250
9
45000
943350
988350
9.5
58150
712850
771000
10
72050
488850
560900
10.5
209450
321000
530450
11
364600
157700
522300
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.