This page reflects SPHR 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 — SPHR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $110.00 (24.40 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$110.00
Nearest expiry
Expected Move
±$16.85
±12.5%
Days to Expiry
29
Calendar days
Total Call OI
1,374
Nearest expiry
Total Put OI
1,381
Nearest expiry
P/C OI Ratio
1.01
Put-heavy
Spot Price
$134.40
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
$110.00
4/17/2026, 11:27:54 PM
2026-05-15
$100.00
5/15/2026, 11:38:24 PM
2026-06-18NextUpdated
$110.00
5/20/2026, 11:30:13 PM
2026-07-17
$135.00
5/20/2026, 11:30:13 PM
2026-08-21
$115.00
5/20/2026, 11:30:13 PM
2026-11-20
$115.00
5/20/2026, 11:30:13 PM
2027-01-15
$40.00
5/20/2026, 11:30:13 PM
Selected expiration: 2026-06-18 at max pain $110.00.
SPHR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
75
0
3899500
3899500
80
500
3209000
3209500
85
1000
2520500
2521500
95
7000
1153500
1160500
100
10000
932500
942500
105
141500
713000
854500
110
273000
494000
767000
115
405500
380500
786000
120
540000
283000
823000
125
679500
195000
874500
130
838000
124000
962000
135
1019500
88500
1108000
140
1268000
63500
1331500
145
1714500
45000
1759500
150
2192500
31000
2223500
155
2701500
23000
2724500
160
3240500
15000
3255500
165
3793500
7500
3801000
170
4350000
0
4350000
175
4929000
0
4929000
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.