This page reflects PEGA 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 — PEGA
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $35.00 (0.63 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$35.00
Nearest expiry
Expected Move
±$4.60
±13.4%
Days to Expiry
29
Calendar days
Total Call OI
1,726
Nearest expiry
Total Put OI
562
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$34.37
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
$45.00
4/17/2026, 11:23:09 PM
2026-05-15
$35.00
5/15/2026, 11:31:13 PM
2026-06-18NextUpdated
$35.00
5/20/2026, 11:24:51 PM
2026-07-17
$30.00
5/20/2026, 11:24:51 PM
2026-08-21
$25.00
5/20/2026, 11:24:51 PM
2026-09-18
$40.00
5/20/2026, 11:24:51 PM
2026-12-18
$50.00
5/20/2026, 11:24:51 PM
2027-01-15
$35.00
5/20/2026, 11:24:51 PM
Selected expiration: 2026-06-18 at max pain $35.00.
PEGA pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
757000
757000
22.5
0
623000
623000
25
0
489000
489000
30
6000
229000
235000
35
23000
109500
132500
40
257000
59500
316500
45
825500
30500
856000
50
1427000
17500
1444500
55
2091500
5500
2097000
60
2766000
1500
2767500
65
3558500
0
3558500
70
4356000
0
4356000
75
5153500
0
5153500
80
5996000
0
5996000
85
6839000
0
6839000
90
7702000
0
7702000
95
8565000
0
8565000
100
9428000
0
9428000
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.