This page reflects TNET 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 — TNET
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (2.38 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$4.78
±11.2%
Days to Expiry
29
Calendar days
Total Call OI
144
Nearest expiry
Total Put OI
61
Nearest expiry
P/C OI Ratio
0.42
Put-heavy
Spot Price
$42.62
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
$35.00
4/17/2026, 11:28:26 PM
2026-05-15
$35.00
5/15/2026, 11:40:57 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:38:18 PM
2026-09-18
$40.00
5/20/2026, 11:38:18 PM
2026-12-18
$30.00
5/20/2026, 11:38:18 PM
Selected expiration: 2026-06-18 at max pain $45.00.
TNET pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
20
0
143000
143000
25
0
112500
112500
30
0
86000
86000
35
0
61000
61000
40
3500
38500
42000
45
12500
24000
36500
50
32500
14500
47000
55
57000
8500
65500
60
113500
4000
117500
65
178500
3000
181500
70
244000
2000
246000
75
310500
1000
311500
80
382000
0
382000
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.