This page reflects TNL 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 — TNL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $62.50 (2.38 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$62.50
Nearest expiry
Expected Move
±$4.85
±7.5%
Days to Expiry
29
Calendar days
Total Call OI
2,554
Nearest expiry
Total Put OI
407
Nearest expiry
P/C OI Ratio
0.16
Put-heavy
Spot Price
$64.88
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
$70.00
4/17/2026, 11:29:24 PM
2026-05-15
$65.00
5/15/2026, 11:41:41 PM
2026-06-18NextUpdated
$62.50
5/20/2026, 11:35:53 PM
2026-08-21
$70.00
5/20/2026, 11:35:53 PM
2026-11-20
$55.00
5/20/2026, 11:35:53 PM
Selected expiration: 2026-06-18 at max pain $62.50.
TNL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
649250
649250
47.5
0
547750
547750
50
0
446500
446500
55
0
244500
244500
57.5
250
143750
144000
60
500
44000
44500
62.5
1750
26500
28250
65
15500
16750
32250
67.5
105500
11000
116500
70
200500
5750
206250
72.5
357250
750
358000
75
515000
250
515250
77.5
673500
0
673500
80
1082000
0
1082000
82.5
1508250
0
1508250
85
1941750
0
1941750
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.