This page reflects SPG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — SPG
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $185.00 (19.90 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$185.00
Nearest expiry
Expected Move
±$11.75
±5.7%
Days to Expiry
28
Calendar days
Total Call OI
5,194
Nearest expiry
Total Put OI
9,278
Nearest expiry
P/C OI Ratio
1.79
Put-heavy
Spot Price
$204.90
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
$185.00
4/17/2026, 11:32:47 PM
2026-05-15
$200.00
5/15/2026, 11:38:11 PM
2026-06-18NextUpdated
$185.00
5/21/2026, 11:31:13 PM
2026-07-17
$195.00
5/21/2026, 11:31:13 PM
2026-09-18
$180.00
5/21/2026, 11:31:13 PM
2026-10-16
$190.00
5/21/2026, 11:31:13 PM
2026-12-18
$185.00
5/21/2026, 11:31:13 PM
2027-01-15
$190.00
5/21/2026, 11:31:13 PM
2027-03-19
$195.00
5/21/2026, 11:31:13 PM
Selected expiration: 2026-06-18 at max pain $185.00.
SPG pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
75
0
85436000
85436000
80
1000
80797000
80798000
85
2000
76161500
76163500
90
3000
71531000
71534000
95
15000
66900500
66915500
100
27000
62278000
62305000
105
39000
57655500
57694500
110
51000
53041500
53092500
115
63000
48436000
48499000
120
75000
43835000
43910000
125
89000
39234000
39323000
130
103000
34654000
34757000
135
117000
30074000
30191000
140
131000
25697500
25828500
145
155000
21600500
21755500
150
179000
17592500
17771500
155
203000
13669500
13872500
160
227000
9819500
10046500
165
264500
7729500
7994000
170
340500
5712500
6053000
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.