This page reflects STLD 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 — STLD
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $190.00 (38.30 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$190.00
Nearest expiry
Expected Move
±$20.10
±8.8%
Days to Expiry
29
Calendar days
Total Call OI
4,546
Nearest expiry
Total Put OI
3,040
Nearest expiry
P/C OI Ratio
0.67
Put-heavy
Spot Price
$228.30
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
$180.00
4/17/2026, 11:27:07 PM
2026-05-15
$200.00
5/15/2026, 11:33:48 PM
2026-06-18NextUpdated
$190.00
5/20/2026, 11:37:03 PM
2026-07-17
$195.00
5/20/2026, 11:37:03 PM
2026-08-21
$200.00
5/20/2026, 11:37:03 PM
2026-09-18
$180.00
5/20/2026, 11:37:03 PM
2026-11-20
$190.00
5/20/2026, 11:37:03 PM
2026-12-18
$190.00
5/20/2026, 11:37:03 PM
2027-01-15
$160.00
5/20/2026, 11:37:03 PM
2027-03-19
$175.00
5/20/2026, 11:37:03 PM
Selected expiration: 2026-06-18 at max pain $190.00.
STLD pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
65
0
35777500
35777500
70
0
34271000
34271000
75
0
32765000
32765000
80
500
31259500
31260000
85
1000
29756500
29757500
90
1500
28260000
28261500
95
2000
26763500
26765500
100
2500
25272500
25275000
105
3500
23807500
23811000
110
4500
22348500
22353000
115
6000
20944500
20950500
120
7500
19562500
19570000
125
9500
18234500
18244000
130
12500
16926500
16939000
135
22000
15618500
15640500
140
36500
14310500
14347000
145
58000
13002500
13060500
150
79500
11712000
11791500
155
105000
10452500
10557500
160
149000
9216000
9365000
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.