This page reflects PJT 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 — PJT
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $155.00 (0.29 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$155.00
Nearest expiry
Expected Move
±$10.62
±6.8%
Days to Expiry
29
Calendar days
Total Call OI
168
Nearest expiry
Total Put OI
424
Nearest expiry
P/C OI Ratio
2.52
Put-heavy
Spot Price
$155.29
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
$135.00
4/17/2026, 11:22:55 PM
2026-05-15
$160.00
5/15/2026, 11:30:46 PM
2026-06-18NextUpdated
$155.00
5/20/2026, 11:25:53 PM
2026-09-18
$130.00
5/20/2026, 11:25:53 PM
2026-11-20
$105.00
5/20/2026, 11:25:53 PM
2026-12-18
$100.00
5/20/2026, 11:25:53 PM
Selected expiration: 2026-06-18 at max pain $155.00.
PJT pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
100
0
2174000
2174000
105
0
1962000
1962000
110
0
1750000
1750000
115
0
1538000
1538000
120
0
1326000
1326000
125
0
1114000
1114000
130
0
909500
909500
135
6000
710500
716500
140
14500
532000
546500
145
26000
355500
381500
150
37500
179500
217000
155
55500
4000
59500
160
75000
3500
78500
165
121500
3000
124500
170
168500
2500
171000
175
218000
2000
220000
180
276000
1500
277500
185
334500
1000
335500
190
395000
500
395500
195
455500
0
455500
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.