This page reflects S 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 — S
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $15.00 (2.97 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$0.80
±4.5%
Days to Expiry
2
Calendar days
Total Call OI
16,672
Nearest expiry
Total Put OI
729
Nearest expiry
P/C OI Ratio
0.04
Put-heavy
Spot Price
$17.97
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
$14.00
5/8/2026, 11:28:24 PM
2026-05-15
$14.00
5/15/2026, 11:33:24 PM
2026-05-22NextUpdated
$15.00
5/20/2026, 11:29:42 PM
2026-05-29
$15.00
5/20/2026, 11:29:42 PM
2026-06-05
$14.50
5/20/2026, 11:29:42 PM
2026-06-12
$15.00
5/20/2026, 11:29:42 PM
2026-06-18
$15.00
5/20/2026, 11:29:42 PM
2026-06-26
$16.00
5/20/2026, 11:29:42 PM
2026-07-17
$16.00
5/20/2026, 11:29:42 PM
2026-09-18
$13.00
5/20/2026, 11:29:42 PM
2026-12-18
$14.00
5/20/2026, 11:29:42 PM
2027-01-15
$13.00
5/20/2026, 11:29:42 PM
Selected expiration: 2026-05-22 at max pain $15.00.
S pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
722100
722100
7
1400
576700
578100
8
2600
504000
506600
8.5
3450
467650
471100
9
4500
431300
435800
9.5
5650
394950
400600
10
7050
358600
365650
10.5
8550
322250
330800
11
10300
286450
296750
11.5
12200
251450
263650
12
14200
217000
231200
12.5
18550
183950
202500
13
23050
152050
175100
13.5
28250
125000
153250
14
34800
99050
133850
14.5
42900
75200
118100
15
52400
53800
106200
15.5
71650
35700
107350
16
104050
19250
123300
16.5
158950
12600
171550
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.