This page reflects TLN 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 — TLN
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $340.00 (4.46 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$340.00
Nearest expiry
Expected Move
±$15.50
±4.5%
Days to Expiry
2
Calendar days
Total Call OI
2,426
Nearest expiry
Total Put OI
1,633
Nearest expiry
P/C OI Ratio
0.67
Put-heavy
Spot Price
$344.46
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
$380.00
5/8/2026, 11:33:27 PM
2026-05-15
$350.00
5/15/2026, 11:40:48 PM
2026-05-22NextUpdated
$340.00
5/20/2026, 11:34:43 PM
2026-05-29
$350.00
5/20/2026, 11:34:43 PM
2026-06-05
$365.00
5/20/2026, 11:34:43 PM
2026-06-12
$350.00
5/20/2026, 11:34:43 PM
2026-06-18
$340.00
5/20/2026, 11:34:43 PM
2026-06-26
$310.00
5/20/2026, 11:34:43 PM
2026-07-17
$310.00
5/20/2026, 11:34:43 PM
2026-08-21
$330.00
5/20/2026, 11:34:43 PM
2026-09-18
$350.00
5/20/2026, 11:34:43 PM
2026-10-16
$350.00
5/20/2026, 11:34:43 PM
2026-11-20
$350.00
5/20/2026, 11:34:43 PM
2026-12-18
$370.00
5/20/2026, 11:34:43 PM
2027-01-15
$300.00
5/20/2026, 11:34:43 PM
2027-03-19
$350.00
5/20/2026, 11:34:43 PM
Selected expiration: 2026-05-22 at max pain $340.00.
TLN pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
220
0
12767000
12767000
240
2000
9503000
9505000
245
2500
8701500
8704000
250
3000
7900500
7903500
255
3500
7100500
7104000
260
4000
6300500
6304500
265
4500
5501000
5505500
270
5000
4702000
4707000
275
5500
3912000
3917500
280
6000
3230000
3236000
285
6500
2649500
2656000
290
7000
2070500
2077500
295
8000
1579000
1587000
300
9000
1260000
1269000
305
11000
1076000
1087000
310
13000
897500
910500
315
15500
724000
739500
320
18000
568500
586500
325
36500
417500
454000
327.5
45750
343250
389000
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.