This page reflects SMR 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 — SMR
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $11.00 (0.61 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$11.00
Nearest expiry
Expected Move
±$0.67
±6.5%
Days to Expiry
2
Calendar days
Total Call OI
29,769
Nearest expiry
Total Put OI
22,242
Nearest expiry
P/C OI Ratio
0.75
Put-heavy
Spot Price
$10.39
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
$12.00
5/8/2026, 11:32:28 PM
2026-05-15
$12.00
5/15/2026, 11:37:20 PM
2026-05-22NextUpdated
$11.00
5/20/2026, 11:29:29 PM
2026-05-29
$11.50
5/20/2026, 11:29:29 PM
2026-06-05
$11.50
5/20/2026, 11:29:29 PM
2026-06-12
$11.50
5/20/2026, 11:29:29 PM
2026-06-18
$13.00
5/20/2026, 11:29:29 PM
2026-06-26
$11.50
5/20/2026, 11:29:29 PM
2026-07-17
$10.00
5/20/2026, 11:29:29 PM
2026-08-21
$14.00
5/20/2026, 11:29:29 PM
2026-11-20
$11.00
5/20/2026, 11:29:29 PM
2027-01-15
$14.00
5/20/2026, 11:29:29 PM
Selected expiration: 2026-05-22 at max pain $11.00.
SMR pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
1
0
22176750
22176750
2
300
19952550
19952850
4
1700
15504150
15505850
5
2400
13280150
13282550
5.5
3000
12171150
12174150
6
3650
11062200
11065850
6.5
4400
9953300
9957700
7
5300
8844400
8849700
7.5
6450
7744550
7751000
8
7850
6653050
6660900
8.5
11500
5568300
5579800
9
17450
4503300
4520750
9.5
35150
3496400
3531550
10
66200
2705100
2771300
10.5
152200
2143750
2295950
11
453500
1709550
2163050
11.5
889450
1423450
2312900
12
1457550
1237300
2694850
12.5
2138850
1108950
3247800
13
2931550
1000850
3932400
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.