This page reflects SLM 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 — SLM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $22.00 (0.02 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.00
Nearest expiry
Expected Move
±$1.93
±8.7%
Days to Expiry
29
Calendar days
Total Call OI
397
Nearest expiry
Total Put OI
800
Nearest expiry
P/C OI Ratio
2.02
Put-heavy
Spot Price
$22.02
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
$19.00
4/17/2026, 11:24:49 PM
2026-05-15
$22.00
5/15/2026, 11:36:36 PM
2026-06-18NextUpdated
$22.00
5/20/2026, 11:31:18 PM
2026-07-17
$23.00
5/20/2026, 11:31:18 PM
2026-09-18
$20.00
5/20/2026, 11:31:18 PM
2026-10-16
$20.00
5/20/2026, 11:31:18 PM
2026-11-20
$1.00
5/20/2026, 11:31:18 PM
2027-01-15
$18.00
5/20/2026, 11:31:18 PM
Selected expiration: 2026-06-18 at max pain $22.00.
SLM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
140000
140000
15
0
120400
120400
18
300
61600
61900
19
400
42200
42600
20
500
24800
25300
21
600
15100
15700
22
700
11000
11700
23
12800
7800
20600
24
29900
6200
36100
25
50000
5100
55100
26
72500
4000
76500
27
106100
2900
109000
28
143500
1900
145400
29
183200
1100
184300
30
222900
400
223300
31
262600
0
262600
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.