This page reflects TOST 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 — TOST
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $24.00 (0.68 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$24.00
Nearest expiry
Expected Move
±$0.86
±3.7%
Days to Expiry
2
Calendar days
Total Call OI
15,636
Nearest expiry
Total Put OI
22,622
Nearest expiry
P/C OI Ratio
1.45
Put-heavy
Spot Price
$23.32
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
$29.00
5/8/2026, 11:34:53 PM
2026-05-15
$24.00
5/15/2026, 11:41:01 PM
2026-05-22NextUpdated
$24.00
5/20/2026, 11:34:31 PM
2026-05-29
$24.00
5/20/2026, 11:34:31 PM
2026-06-05
$25.00
5/20/2026, 11:34:31 PM
2026-06-12
$22.00
5/20/2026, 11:34:31 PM
2026-06-18
$26.00
5/20/2026, 11:34:31 PM
2026-06-26
$24.00
5/20/2026, 11:34:31 PM
2026-07-17
$27.00
5/20/2026, 11:34:31 PM
2026-08-21
$24.00
5/20/2026, 11:34:31 PM
2026-09-18
$27.00
5/20/2026, 11:34:31 PM
2026-12-18
$27.00
5/20/2026, 11:34:31 PM
2027-01-15
$30.00
5/20/2026, 11:34:31 PM
Selected expiration: 2026-05-22 at max pain $24.00.
TOST pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
16496250
16496250
16
200
14234050
14234250
17
600
11971850
11972450
18
1200
9709650
9710850
19
2500
7451550
7454050
20
15400
5193450
5208850
20.5
24550
4079000
4103550
21
33700
2970500
3004200
21.5
43350
1959800
2003150
22
53600
1424900
1478500
22.5
68600
917050
985650
23
96400
567950
664350
23.5
141500
367250
508750
24
207350
283500
490850
24.5
423250
214250
637500
25
827050
147500
974550
25.5
1309450
104050
1413500
26
1804150
65500
1869650
26.5
2316950
44900
2361850
27
2847400
34500
2881900
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.