This page reflects TAP 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 — TAP
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (2.24 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$2.80
±6.5%
Days to Expiry
29
Calendar days
Total Call OI
6,112
Nearest expiry
Total Put OI
6,043
Nearest expiry
P/C OI Ratio
0.99
Put-heavy
Spot Price
$42.76
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
$45.00
4/17/2026, 11:30:20 PM
2026-05-15
$42.50
5/15/2026, 11:39:57 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:34:37 PM
2026-07-17
$45.00
5/20/2026, 11:34:37 PM
2026-10-16
$45.00
5/20/2026, 11:34:37 PM
2027-01-15
$50.00
5/20/2026, 11:34:37 PM
Selected expiration: 2026-06-18 at max pain $45.00.
TAP pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
22.5
0
11905000
11905000
25
0
10394750
10394750
27.5
0
8884500
8884500
30
0
7385500
7385500
32.5
500
5897000
5897500
35
1250
4418500
4419750
37.5
81250
3056500
3137750
40
161750
1805000
1966750
42.5
516500
923000
1439500
45
959750
165750
1125500
47.5
1665750
80750
1746500
50
2619000
29500
2648500
52.5
3813500
6000
3819500
55
5101250
3250
5104500
57.5
6439500
500
6440000
60
7839750
250
7840000
62.5
9316750
0
9316750
65
10825000
0
10825000
67.5
12345750
0
12345750
70
13866500
0
13866500
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.