This page reflects TEM 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 — TEM
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $45.50 (0.38 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.50
Nearest expiry
Expected Move
±$2.18
±4.8%
Days to Expiry
2
Calendar days
Total Call OI
13,075
Nearest expiry
Total Put OI
8,924
Nearest expiry
P/C OI Ratio
0.68
Put-heavy
Spot Price
$45.88
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$52.00
5/8/2026, 11:32:10 PM
2026-05-15
$49.00
5/15/2026, 11:35:56 PM
2026-05-22NextUpdated
$45.50
5/20/2026, 11:36:17 PM
2026-05-29
$48.00
5/20/2026, 11:36:17 PM
2026-06-05
$48.00
5/20/2026, 11:36:17 PM
2026-06-12
$49.00
5/20/2026, 11:36:17 PM
2026-06-18
$55.00
5/20/2026, 11:36:17 PM
2026-06-26
$46.00
5/20/2026, 11:36:17 PM
2026-07-17
$50.00
5/20/2026, 11:36:17 PM
2026-08-21
$55.00
5/20/2026, 11:36:17 PM
2026-09-18
$50.00
5/20/2026, 11:36:17 PM
2026-10-16
$50.00
5/20/2026, 11:36:17 PM
2026-11-20
$45.00
5/20/2026, 11:36:17 PM
2027-01-15
$50.00
5/20/2026, 11:36:17 PM
Selected expiration: 2026-05-22 at max pain $45.50.
TEM pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
12276450
12276450
35
0
7817950
7817950
36.5
10800
6524200
6535000
37
14400
6093300
6107700
37.5
18200
5675300
5693500
38
22000
5262550
5284550
38.5
25900
4854800
4880700
39
30850
4447750
4478600
39.5
35900
4050200
4086100
40
43500
3654500
3698000
40.5
52950
3275550
3328500
41
62400
2904000
2966400
41.5
73050
2560500
2633550
42
83700
2230700
2314400
42.5
98700
1941250
2039950
43
116400
1669100
1785500
43.5
139050
1455600
1594650
44
165100
1250000
1415100
44.5
198550
1071950
1270500
45
242550
911550
1154100
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.