Banco Santander, S.A. SponsoredClose $12.38EOD only
Max Pain
$12.00
Next expiry Jun 18, 2026
Expected Move
±$1.02
8.3% from close
Price Gap
-0.38
Distance to max pain
IV Rank
3
Low premium
P/C OI
0.34
Slightly call-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects SAN 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 — SAN
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $12.00 (0.38 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$1.02
±8.3%
Days to Expiry
29
Calendar days
Total Call OI
23,530
Nearest expiry
Total Put OI
5,802
Nearest expiry
P/C OI Ratio
0.25
Put-heavy
Spot Price
$12.38
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
$12.00
4/17/2026, 11:26:34 PM
2026-05-15
$11.00
5/15/2026, 11:34:40 PM
2026-06-18NextUpdated
$12.00
5/20/2026, 11:28:08 PM
2026-09-18
$12.00
5/20/2026, 11:28:08 PM
2026-12-18
$11.00
5/20/2026, 11:28:08 PM
Selected expiration: 2026-06-18 at max pain $12.00.
SAN pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2
0
5411200
5411200
3
0
4831000
4831000
4
0
4250900
4250900
5
0
3670900
3670900
6
1000
3090900
3091900
7
2000
2510900
2512900
8
6500
1931400
1937900
9
14600
1351900
1366500
10
25500
838800
864300
11
94800
380100
474900
12
307300
138300
445600
13
1038100
10900
1049000
14
2706500
0
2706500
15
4969900
0
4969900
16
7320900
0
7320900
18
12023100
0
12023100
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.