This page reflects TBRG 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 — TBRG
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $20.00 (5.94 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$20.00
Nearest expiry
Expected Move
±$1.30
±5.0%
Days to Expiry
29
Calendar days
Total Call OI
72
Nearest expiry
Total Put OI
210
Nearest expiry
P/C OI Ratio
2.92
Put-heavy
Spot Price
$25.94
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
$7.50
4/17/2026, 11:28:04 PM
2026-05-15
$25.00
5/15/2026, 11:40:39 PM
2026-06-18NextUpdated
$20.00
5/20/2026, 11:32:03 PM
2026-09-18
$17.50
5/20/2026, 11:32:03 PM
2026-12-18
$22.50
5/20/2026, 11:32:03 PM
Selected expiration: 2026-06-18 at max pain $20.00.
TBRG pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
7.5
0
64000
64000
10
0
11500
11500
12.5
1500
9000
10500
15
3000
6500
9500
17.5
4500
4500
9000
20
6000
2750
8750
22.5
10250
1500
11750
25
15000
500
15500
30
36000
0
36000
35
68000
0
68000
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.