This page reflects SAP 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 — SAP
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $170.00 (9.89 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$170.00
Nearest expiry
Expected Move
±$5.83
±3.2%
Days to Expiry
2
Calendar days
Total Call OI
3,258
Nearest expiry
Total Put OI
2,089
Nearest expiry
P/C OI Ratio
0.64
Put-heavy
Spot Price
$179.89
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
$175.00
5/8/2026, 11:29:30 PM
2026-05-15
$170.00
5/15/2026, 11:34:52 PM
2026-05-22NextUpdated
$170.00
5/20/2026, 11:32:24 PM
2026-05-29
$172.50
5/20/2026, 11:32:24 PM
2026-06-05
$165.00
5/20/2026, 11:32:24 PM
2026-06-12
$170.00
5/20/2026, 11:32:24 PM
2026-06-18
$180.00
5/20/2026, 11:32:24 PM
2026-06-26
$165.00
5/20/2026, 11:32:24 PM
2026-07-17
$170.00
5/20/2026, 11:32:24 PM
2026-09-18
$195.00
5/20/2026, 11:32:24 PM
2026-12-18
$230.00
5/20/2026, 11:32:24 PM
2027-01-15
$190.00
5/20/2026, 11:32:24 PM
2027-03-19
$185.00
5/20/2026, 11:32:24 PM
Selected expiration: 2026-05-22 at max pain $170.00.
SAP pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
115
0
8764400
8764400
117
0
8347000
8347000
130
0
5633900
5633900
135
0
4593400
4593400
140
0
3557900
3557900
144
400
2730700
2731100
145
500
2524000
2524500
146
600
2320900
2321500
147
2600
2117900
2120500
148
6500
1915600
1922100
149
10400
1827700
1838100
150
14300
1740500
1754800
152.5
24300
1535250
1559550
155
34800
1339500
1374300
157.5
45300
1153500
1198800
160
56800
974250
1031050
162.5
69050
826000
895050
165
83300
684750
768050
167.5
100800
559000
659800
170
221050
436500
657550
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.