This page reflects TPG 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 — TPG
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (4.34 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
±$1.70
±4.2%
Days to Expiry
29
Calendar days
Total Call OI
843
Nearest expiry
Total Put OI
195
Nearest expiry
P/C OI Ratio
0.23
Put-heavy
Spot Price
$40.66
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
$40.00
4/17/2026, 11:27:01 PM
2026-05-15
$42.50
5/15/2026, 11:43:30 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:35:33 PM
2026-07-17
$42.50
5/20/2026, 11:35:33 PM
2026-08-21
$45.00
5/20/2026, 11:35:33 PM
2026-11-20
$40.00
5/20/2026, 11:35:33 PM
2027-01-15
$57.50
5/20/2026, 11:35:33 PM
Selected expiration: 2026-06-18 at max pain $45.00.
TPG pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
191000
191000
32.5
0
143500
143500
35
0
96500
96500
37.5
0
52500
52500
40
0
35250
35250
42.5
0
20750
20750
45
6500
8750
15250
47.5
136750
3500
140250
50
288000
2250
290250
52.5
485750
1000
486750
55
695000
0
695000
60
1114000
0
1114000
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.