This page reflects PPL 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 — PPL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $35.00 (0.44 below 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
±$1.70
±4.8%
Days to Expiry
29
Calendar days
Total Call OI
7,087
Nearest expiry
Total Put OI
1,877
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$35.44
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
$34.00
4/17/2026, 11:29:35 PM
2026-05-15
$38.00
5/15/2026, 11:34:15 PM
2026-06-18NextUpdated
$35.00
5/20/2026, 11:26:56 PM
2026-07-17
$34.00
5/20/2026, 11:26:56 PM
2026-10-16
$37.00
5/20/2026, 11:26:56 PM
2027-01-15
$32.00
5/20/2026, 11:26:56 PM
Selected expiration: 2026-06-18 at max pain $35.00.
PPL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
2730900
2730900
23
0
2167800
2167800
25
0
1794800
1794800
28
1500
1235300
1236800
29
11600
1054000
1065600
30
21800
872700
894500
31
35000
723600
758600
32
48200
574700
622900
33
74500
459000
533500
34
103300
344200
447500
35
132100
232500
364600
36
255200
167100
422300
37
389600
110600
500200
38
675900
69600
745500
39
1206700
31600
1238300
40
1750500
1500
1752000
41
2403200
800
2404000
42
3086700
300
3087000
43
3782400
0
3782400
44
4481000
0
4481000
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.