This page reflects TDW 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 — TDW
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $80.00 (4.56 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$80.00
Nearest expiry
Expected Move
±$9.55
±11.3%
Days to Expiry
29
Calendar days
Total Call OI
484
Nearest expiry
Total Put OI
221
Nearest expiry
P/C OI Ratio
0.46
Put-heavy
Spot Price
$84.56
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
$65.00
4/17/2026, 11:28:17 PM
2026-05-15
$85.00
5/15/2026, 11:36:16 PM
2026-06-18NextUpdated
$80.00
5/20/2026, 11:32:16 PM
2026-07-17
$80.00
5/20/2026, 11:32:16 PM
2026-10-16
$75.00
5/20/2026, 11:32:16 PM
2027-01-15
$65.00
5/20/2026, 11:32:16 PM
Selected expiration: 2026-06-18 at max pain $80.00.
TDW pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
50
0
479000
479000
55
500
368500
369000
60
1000
258500
259500
65
6500
176000
182500
70
12500
96000
108500
75
23000
41500
64500
80
39000
16000
55000
85
59500
6500
66000
90
118000
500
118500
95
264500
0
264500
100
433000
0
433000
105
619500
0
619500
110
841000
0
841000
115
1064500
0
1064500
120
1292500
0
1292500
125
1532000
0
1532000
130
1772500
0
1772500
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.