This page reflects PRE 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 — PRE
Data as of market close May 20, 2026
Nearest listed expiration 2026-08-21 shows max pain at $20.00 (4.53 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$2.98
±19.2%
Days to Expiry
93
Calendar days
Total Call OI
8
Nearest expiry
Total Put OI
43
Nearest expiry
P/C OI Ratio
5.38
Put-heavy
Spot Price
$15.47
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-04-17
$17.50
4/17/2026, 11:25:05 PM
2026-05-15
$15.00
5/15/2026, 11:30:09 PM
2026-08-21NextUpdated
$20.00
5/20/2026, 11:27:13 PM
2026-11-20
$2.50
5/20/2026, 11:27:13 PM
Selected expiration: 2026-08-21 at max pain $20.00.
PRE pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
7.5
0
51750
51750
10
0
41000
41000
12.5
0
30500
30500
15
0
20000
20000
17.5
0
10000
10000
20
250
0
250
25
750
0
750
35
7750
0
7750
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.