This page reflects SPIR 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 — SPIR
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $18.00 (2.08 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$4.50
±22.4%
Days to Expiry
29
Calendar days
Total Call OI
3,054
Nearest expiry
Total Put OI
1,501
Nearest expiry
P/C OI Ratio
0.49
Put-heavy
Spot Price
$20.08
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
$16.00
4/17/2026, 11:29:42 PM
2026-05-15
$14.00
5/15/2026, 11:39:32 PM
2026-06-18NextUpdated
$18.00
5/20/2026, 11:31:49 PM
2026-07-17
$14.00
5/20/2026, 11:31:49 PM
2026-08-21
$11.00
5/20/2026, 11:31:49 PM
2026-11-20
$18.00
5/20/2026, 11:31:49 PM
2027-01-15
$14.00
5/20/2026, 11:31:49 PM
Selected expiration: 2026-06-18 at max pain $18.00.
SPIR pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
7
0
1267800
1267800
10
0
817800
817800
11
900
668100
669000
12
2100
520000
522100
13
17300
412900
430200
14
32500
307100
339600
15
51400
209400
260800
16
71000
120700
191700
17
94100
73100
167200
18
123100
34300
157400
19
168100
16500
184600
20
218600
1800
220400
21
315000
200
315200
22
440300
0
440300
23
581500
0
581500
24
787200
0
787200
25
1003000
0
1003000
26
1287400
0
1287400
27
1576300
0
1576300
28
1872400
0
1872400
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.