This page reflects SG 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 — SG
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $8.00 (1.01 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$8.00
Nearest expiry
Expected Move
±$0.60
±6.7%
Days to Expiry
2
Calendar days
Total Call OI
8,584
Nearest expiry
Total Put OI
6,942
Nearest expiry
P/C OI Ratio
0.81
Put-heavy
Spot Price
$9.01
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
$6.50
5/8/2026, 11:26:54 PM
2026-05-15
$7.00
5/15/2026, 11:36:38 PM
2026-05-22NextUpdated
$8.00
5/20/2026, 11:31:00 PM
2026-05-29
$6.50
5/20/2026, 11:31:00 PM
2026-06-05
$6.50
5/20/2026, 11:31:00 PM
2026-06-12
$5.50
5/20/2026, 11:31:00 PM
2026-06-18
$6.00
5/20/2026, 11:31:00 PM
2026-06-26
$7.00
5/20/2026, 11:31:00 PM
2026-07-17
$6.00
5/20/2026, 11:31:00 PM
2026-09-18
$6.00
5/20/2026, 11:31:00 PM
2026-10-16
$6.00
5/20/2026, 11:31:00 PM
2027-01-15
$8.00
5/20/2026, 11:31:00 PM
Selected expiration: 2026-05-22 at max pain $8.00.
SG pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
4784700
4784700
1.5
150
4437600
4437750
2
700
4090500
4091200
3
2000
3396300
3398300
3.5
2850
3049200
3052050
4
3750
2702100
2705850
4.5
4850
2355000
2359850
5
5950
2007900
2013850
5.5
7350
1662400
1669750
6
13700
1319650
1333350
6.5
25150
988550
1013700
7
41000
670600
711600
7.5
73250
353900
427150
8
249900
138350
388250
8.5
470600
10650
481250
9
733000
7400
740400
9.5
1125350
5750
1131100
10
1543100
4250
1547350
10.5
1971200
2800
1974000
11
2399700
1400
2401100
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.