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SPY

SPDR S&P 500 ETFClose $733.73EOD only
Max Pain
$739.00
Next expiry May 20, 2026
Expected Move
±$5.46
0.7% from close
Price Gap
+5.27
Distance to max pain
IV Rank
15
Low premium
P/C OI
2.46
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: May 19, 2026 close
End-of-day snapshot

This page reflects SPY options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
May 19, 2026 close
Max Pain — SPY
Data as of market close May 19, 2026
Open Directional Report

Nearest listed expiration 2026-05-20 shows max pain at $739.00 (5.27 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$739.00
Nearest expiry
Expected Move
±$5.46
±0.7%
Days to Expiry
1
Calendar days
Total Call OI
175,441
Nearest expiry
Total Put OI
219,927
Nearest expiry
P/C OI Ratio
1.25
Put-heavy
Spot Price
$733.73
Published close
Consensus
6.0/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-05-20
ExpirationMax Pain StrikeLast Updated
2026-05-18$736.005/14/2026, 11:37:36 PM
2026-05-19Updated$737.005/19/2026, 11:44:15 PM
2026-05-20Next$739.005/19/2026, 11:44:15 PM
2026-05-21$739.005/19/2026, 11:44:15 PM
2026-05-22$732.005/19/2026, 11:44:15 PM
2026-05-26$740.005/19/2026, 11:44:15 PM
2026-05-27$740.005/19/2026, 11:44:15 PM
2026-05-28$742.005/19/2026, 11:44:15 PM
2026-05-29$725.005/19/2026, 11:44:15 PM
2026-06-05$731.005/19/2026, 11:44:15 PM
2026-06-12$730.005/19/2026, 11:44:15 PM
2026-06-18$709.005/19/2026, 11:44:15 PM
2026-06-26$741.005/19/2026, 11:44:15 PM
2026-06-30$695.005/19/2026, 11:44:15 PM
2026-07-17$720.005/19/2026, 11:44:15 PM
2026-07-31$703.005/19/2026, 11:44:15 PM
2026-08-21$705.005/19/2026, 11:44:15 PM
2026-08-31$690.005/19/2026, 11:44:15 PM
2026-09-18$700.005/19/2026, 11:44:15 PM
2026-09-30$682.005/19/2026, 11:44:15 PM
2026-10-16$730.005/19/2026, 11:44:15 PM
2026-10-30$732.005/19/2026, 11:44:15 PM
2026-11-20$740.005/19/2026, 11:44:15 PM
2026-12-18$670.005/19/2026, 11:44:15 PM
2026-12-31$685.005/19/2026, 11:44:15 PM
2027-01-15$685.005/19/2026, 11:44:15 PM
2027-03-19$695.005/19/2026, 11:44:15 PM
2027-03-31$685.005/19/2026, 11:44:15 PM
Selected expiration: 2026-05-20 at max pain $739.00.
SPY pain by strike for 2026-05-20 expiration
StrikeCall PainPut PainTotal Pain
500047513993004751399300
510045315053004531505300
520043116143004311614300
535039817793003981779300
545037619893003761989300
550036520973003652097300
555035423368003542336800
560034325813003432581300
565033228858003322885800
570032132408003213240800
580029941278002994127800
585028846363002884636300
590027751573002775157300
595026657628002665762800
600025563713002556371300
605024471128002447112800
610023382088002338208800
615022296418002229641800
620021211343002121134300
630019041703001904170300
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.