This page reflects SGML 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 — SGML
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $20.50 (5.16 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.50
Nearest expiry
Expected Move
±$1.25
±8.2%
Days to Expiry
2
Calendar days
Total Call OI
2,694
Nearest expiry
Total Put OI
7,387
Nearest expiry
P/C OI Ratio
2.74
Put-heavy
Spot Price
$15.34
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
$20.50
5/8/2026, 11:31:33 PM
2026-05-15
$20.50
5/15/2026, 11:34:54 PM
2026-05-22NextUpdated
$20.50
5/20/2026, 11:30:00 PM
2026-05-29
$16.50
5/20/2026, 11:30:00 PM
2026-06-05
$21.00
5/20/2026, 11:30:00 PM
2026-06-12
$17.00
5/20/2026, 11:30:00 PM
2026-06-18
$18.00
5/20/2026, 11:30:00 PM
2026-06-26
$17.00
5/20/2026, 11:30:00 PM
2026-07-17
$15.00
5/20/2026, 11:30:00 PM
2026-10-16
$15.00
5/20/2026, 11:30:00 PM
2027-01-15
$10.00
5/20/2026, 11:30:00 PM
Selected expiration: 2026-05-22 at max pain $20.50.
SGML pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
10268150
10268150
6
0
9529450
9529450
7
0
8791050
8791050
7.5
0
8422100
8422100
8
100
8053350
8053450
8.5
250
7684850
7685100
9
400
7316500
7316900
9.5
650
6948300
6948950
10
900
6580250
6581150
10.5
1200
6212300
6213500
11
1550
5844650
5846200
11.5
1900
5477750
5479650
12
2250
5112750
5115000
12.5
2650
4753600
4756250
13
3100
4398050
4401150
13.5
8600
4046300
4054900
14
14700
3696950
3711650
14.5
20950
3349150
3370100
15
31950
3007800
3039750
15.5
54800
2669800
2724600
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.