This page reflects PPTA 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 — PPTA
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $30.00 (2.49 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$30.00
Nearest expiry
Expected Move
±$5.77
±21.0%
Days to Expiry
29
Calendar days
Total Call OI
10,882
Nearest expiry
Total Put OI
2,339
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$27.51
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
$30.00
4/17/2026, 11:23:50 PM
2026-05-15
$30.00
5/15/2026, 11:32:15 PM
2026-06-18NextUpdated
$30.00
5/20/2026, 11:28:56 PM
2026-07-17
$22.50
5/20/2026, 11:28:56 PM
2026-08-21
$25.00
5/20/2026, 11:28:56 PM
2026-09-18
$35.00
5/20/2026, 11:28:56 PM
2026-11-20
$25.00
5/20/2026, 11:28:56 PM
2026-12-18
$25.00
5/20/2026, 11:28:56 PM
2027-01-15
$22.50
5/20/2026, 11:28:56 PM
Selected expiration: 2026-06-18 at max pain $30.00.
PPTA pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
3546500
3546500
15
5250
2968000
2973250
17.5
15500
2390500
2406000
20
138500
1824250
1962750
22.5
280000
1285500
1565500
25
477500
805000
1282500
30
1044000
215500
1259500
35
3483500
17000
3500500
40
7845500
0
7845500
45
12722500
0
12722500
50
17810000
0
17810000
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.