This page reflects PSX 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 — PSX
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $175.00 (4.34 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$175.00
Nearest expiry
Expected Move
±$5.05
±2.8%
Days to Expiry
2
Calendar days
Total Call OI
985
Nearest expiry
Total Put OI
970
Nearest expiry
P/C OI Ratio
0.98
Put-heavy
Spot Price
$179.34
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
$167.50
5/8/2026, 11:27:31 PM
2026-05-15
$160.00
5/15/2026, 11:31:32 PM
2026-05-22NextUpdated
$175.00
5/20/2026, 11:27:00 PM
2026-05-29
$170.00
5/20/2026, 11:27:00 PM
2026-06-05
$170.00
5/20/2026, 11:27:00 PM
2026-06-12
$175.00
5/20/2026, 11:27:00 PM
2026-06-18
$160.00
5/20/2026, 11:27:00 PM
2026-06-26
$160.00
5/20/2026, 11:27:00 PM
2026-07-17
$165.00
5/20/2026, 11:27:00 PM
2026-08-21
$155.00
5/20/2026, 11:27:00 PM
2026-09-18
$160.00
5/20/2026, 11:27:00 PM
2026-11-20
$110.00
5/20/2026, 11:27:00 PM
2026-12-18
$145.00
5/20/2026, 11:27:00 PM
2027-01-15
$135.00
5/20/2026, 11:27:00 PM
2027-03-19
$165.00
5/20/2026, 11:27:00 PM
Selected expiration: 2026-05-22 at max pain $175.00.
PSX pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
120
0
2175000
2175000
125
0
1880000
1880000
130
0
1610500
1610500
135
0
1375500
1375500
140
0
1143000
1143000
145
0
929000
929000
150
0
740000
740000
155
500
552500
553000
157.5
750
466250
467000
160
1000
380250
381250
162.5
1250
302000
303250
165
1750
231250
233000
167.5
2500
170250
172750
170
3500
114000
117500
172.5
21500
63000
84500
175
43500
28500
72000
177.5
87750
16250
104000
180
197250
4000
201250
182.5
360500
2000
362500
185
536250
0
536250
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.