This page reflects TER 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 — TER
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $332.50 (11.84 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$332.50
Nearest expiry
Expected Move
±$19.60
±5.7%
Days to Expiry
2
Calendar days
Total Call OI
6,654
Nearest expiry
Total Put OI
1,892
Nearest expiry
P/C OI Ratio
0.28
Put-heavy
Spot Price
$344.34
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
$342.50
5/8/2026, 11:32:57 PM
2026-05-15
$350.00
5/15/2026, 11:40:33 PM
2026-05-22NextUpdated
$332.50
5/20/2026, 11:32:45 PM
2026-05-29
$345.00
5/20/2026, 11:32:45 PM
2026-06-05
$345.00
5/20/2026, 11:32:45 PM
2026-06-12
$345.00
5/20/2026, 11:32:45 PM
2026-06-18
$300.00
5/20/2026, 11:32:45 PM
2026-06-26
$360.00
5/20/2026, 11:32:45 PM
2026-07-17
$340.00
5/20/2026, 11:32:45 PM
2026-08-21
$320.00
5/20/2026, 11:32:45 PM
2026-09-18
$370.00
5/20/2026, 11:32:45 PM
2026-10-16
$340.00
5/20/2026, 11:32:45 PM
2026-11-20
$310.00
5/20/2026, 11:32:45 PM
2027-01-15
$220.00
5/20/2026, 11:32:45 PM
Selected expiration: 2026-05-22 at max pain $332.50.
TER pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
165
0
28608000
28608000
170
1500
27662000
27663500
175
4000
26716000
26720000
180
6500
25771000
25777500
190
12500
23881000
23893500
200
19500
21992000
22011500
205
23000
21047500
21070500
210
27000
20104500
20131500
215
32000
19161500
19193500
220
37500
18218500
18256000
225
43000
17277000
17320000
230
49000
16335500
16384500
235
56000
15396000
15452000
240
63500
14459000
14522500
245
71500
13523000
13594500
250
79500
12592000
12671500
255
89000
11671000
11760000
257.5
94000
11210750
11304750
260
99250
10750500
10849750
265
110750
9836500
9947250
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.