This page reflects TAC options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — TAC
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $12.00 (1.50 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$12.00
Nearest expiry
Expected Move
±$1.35
±10.0%
Days to Expiry
28
Calendar days
Total Call OI
4,322
Nearest expiry
Total Put OI
503
Nearest expiry
P/C OI Ratio
0.12
Put-heavy
Spot Price
$13.50
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
$12.00
4/17/2026, 11:30:10 PM
2026-05-15
$12.00
5/15/2026, 11:39:40 PM
2026-06-18NextUpdated
$12.00
5/21/2026, 11:32:41 PM
2026-08-21
$13.00
5/21/2026, 11:32:41 PM
2026-09-18
$5.00
5/21/2026, 11:32:41 PM
2026-11-20
$10.00
5/21/2026, 11:32:41 PM
2026-12-18
$12.00
5/21/2026, 11:32:41 PM
Selected expiration: 2026-06-18 at max pain $12.00.
TAC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
5
0
347300
347300
7
0
246700
246700
8
0
196500
196500
9
200
146300
146500
10
1000
96200
97200
11
1800
48500
50300
12
14800
24300
39100
13
51700
13800
65500
14
173200
5300
178500
15
339700
4100
343800
16
525400
3400
528800
17
836800
2700
839500
18
1197600
2000
1199600
19
1558400
1400
1559800
20
1919200
800
1920000
22
2767200
400
2767600
23
3192100
200
3192300
24
3617600
100
3617700
25
4043200
0
4043200
30
6173200
0
6173200
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.