This page reflects PL 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 — PL
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $40.00 (2.66 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$3.05
±7.2%
Days to Expiry
2
Calendar days
Total Call OI
9,640
Nearest expiry
Total Put OI
10,028
Nearest expiry
P/C OI Ratio
1.04
Put-heavy
Spot Price
$42.66
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
$36.00
5/8/2026, 11:26:30 PM
2026-05-15
$30.00
5/15/2026, 11:32:05 PM
2026-05-22NextUpdated
$40.00
5/20/2026, 11:25:45 PM
2026-05-29
$36.00
5/20/2026, 11:25:45 PM
2026-06-05
$40.00
5/20/2026, 11:25:45 PM
2026-06-12
$39.00
5/20/2026, 11:25:45 PM
2026-06-18
$37.00
5/20/2026, 11:25:45 PM
2026-06-26
$35.00
5/20/2026, 11:25:45 PM
2026-07-17
$31.00
5/20/2026, 11:25:45 PM
2026-08-21
$34.00
5/20/2026, 11:25:45 PM
2026-10-16
$38.00
5/20/2026, 11:25:45 PM
2027-01-15
$25.00
5/20/2026, 11:25:45 PM
Selected expiration: 2026-05-22 at max pain $40.00.
PL pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
18
0
14525300
14525300
20
800
12519700
12520500
21
1600
11519100
11520700
22
2400
10518900
10521300
23
3200
9719100
9722300
24
4000
8921800
8925800
25
4800
8125400
8130200
25.5
5750
7730200
7735950
26
6700
7335100
7341800
26.5
7850
6944150
6952000
27
9000
6554700
6563700
27.5
10250
6177200
6187450
28
11550
5799950
5811500
28.5
13000
5424700
5437700
29
14450
5049550
5064000
29.5
15900
4676150
4692050
30
17450
4303000
4320450
30.5
20750
4007800
4028550
31
24050
3713300
3737350
31.5
27500
3423750
3451250
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.