This page reflects PENN 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 — PENN
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (1.17 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$1.80
±11.1%
Days to Expiry
29
Calendar days
Total Call OI
10,822
Nearest expiry
Total Put OI
5,623
Nearest expiry
P/C OI Ratio
0.52
Put-heavy
Spot Price
$16.17
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
$14.00
4/17/2026, 11:29:06 PM
2026-05-15
$15.00
5/15/2026, 11:30:00 PM
2026-06-18NextUpdated
$15.00
5/20/2026, 11:25:10 PM
2026-07-17
$15.00
5/20/2026, 11:25:10 PM
2026-09-18
$15.00
5/20/2026, 11:25:10 PM
2026-10-16
$16.00
5/20/2026, 11:25:10 PM
2027-01-15
$17.50
5/20/2026, 11:25:10 PM
Selected expiration: 2026-06-18 at max pain $15.00.
PENN pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
5789200
5789200
5
2400
4664600
4667000
7
6000
3542600
3548600
8
7900
2981600
2989500
9
11300
2424200
2435500
10
14700
1866800
1881500
11
18100
1312300
1330400
12
21600
864000
885600
13
25100
531600
556700
14
34700
273600
308300
15
52100
156000
208100
16
120700
87900
208600
17
239100
35100
274200
18
485000
10000
495000
19
954200
5900
960100
20
1507800
1800
1509600
21
2365400
1500
2366900
22
3368700
1200
3369900
23
4419400
1000
4420400
24
5471000
800
5471800
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.