This page reflects SM 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 — SM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (19.81 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$4.12
±11.8%
Days to Expiry
29
Calendar days
Total Call OI
9,494
Nearest expiry
Total Put OI
1,905
Nearest expiry
P/C OI Ratio
0.20
Put-heavy
Spot Price
$34.81
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
$27.50
4/17/2026, 11:28:45 PM
2026-05-15
$27.50
5/15/2026, 11:36:44 PM
2026-06-18NextUpdated
$15.00
5/20/2026, 11:31:54 PM
2026-07-17
$32.50
5/20/2026, 11:31:54 PM
2026-08-21
$20.00
5/20/2026, 11:31:54 PM
2026-10-16
$25.00
5/20/2026, 11:31:54 PM
2026-11-20
$27.50
5/20/2026, 11:31:54 PM
2026-12-18
$22.50
5/20/2026, 11:31:54 PM
2027-01-15
$20.00
5/20/2026, 11:31:54 PM
Selected expiration: 2026-06-18 at max pain $15.00.
SM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
2808750
2808750
17.5
775000
2332500
3107500
20
1555750
1856250
3412000
22.5
2340250
1381750
3722000
25
3137000
915500
4052500
27.5
3975250
487500
4462750
30
4895500
200500
5096000
32.5
6070500
33250
6103750
35
7621250
500
7621750
37.5
9620750
0
9620750
40
11941500
0
11941500
42.5
14312000
0
14312000
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.