This page reflects SPGI 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 — SPGI
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $420.00 (2.99 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$420.00
Nearest expiry
Expected Move
±$9.20
±2.2%
Days to Expiry
2
Calendar days
Total Call OI
1,170
Nearest expiry
Total Put OI
855
Nearest expiry
P/C OI Ratio
0.73
Put-heavy
Spot Price
$417.01
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
$425.00
5/8/2026, 11:32:28 PM
2026-05-15
$420.00
5/15/2026, 11:35:54 PM
2026-05-22NextUpdated
$420.00
5/20/2026, 11:29:45 PM
2026-05-29
$415.00
5/20/2026, 11:29:45 PM
2026-06-05
$415.00
5/20/2026, 11:29:45 PM
2026-06-12
$410.00
5/20/2026, 11:29:45 PM
2026-06-18
$450.00
5/20/2026, 11:29:45 PM
2026-06-26
$430.00
5/20/2026, 11:29:45 PM
2026-07-17
$430.00
5/20/2026, 11:29:45 PM
2026-08-21
$430.00
5/20/2026, 11:29:45 PM
2026-09-18
$440.00
5/20/2026, 11:29:45 PM
2026-10-16
$440.00
5/20/2026, 11:29:45 PM
2026-11-20
$410.00
5/20/2026, 11:29:45 PM
2026-12-18
$460.00
5/20/2026, 11:29:45 PM
2027-01-15
$490.00
5/20/2026, 11:29:45 PM
2027-03-19
$410.00
5/20/2026, 11:29:45 PM
Selected expiration: 2026-05-22 at max pain $420.00.
SPGI pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
320
0
6783250
6783250
330
0
5931250
5931250
340
0
5079250
5079250
355
1500
3801250
3802750
360
2000
3375750
3377750
365
2500
2955750
2958250
370
3000
2536750
2539750
375
8000
2178750
2186750
380
17500
1823750
1841250
385
27000
1508750
1535750
390
36500
1219250
1255750
395
47000
959250
1006250
400
58000
706750
764750
405
75500
526750
602250
410
108000
360250
468250
412.5
125250
286750
412000
415
144250
214500
358750
417.5
165750
148000
313750
420
193500
86750
280250
422.5
246500
36750
283250
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.