This page reflects UBS 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 — UBS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $42.50 (4.77 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$42.50
Nearest expiry
Expected Move
±$2.98
±6.3%
Days to Expiry
29
Calendar days
Total Call OI
5,392
Nearest expiry
Total Put OI
2,522
Nearest expiry
P/C OI Ratio
0.47
Put-heavy
Spot Price
$47.27
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, 11:28:29 PM
2026-05-15
$42.50
5/15/2026, 11:41:30 PM
2026-06-18NextUpdated
$42.50
5/20/2026, 11:36:26 PM
2026-07-17
$45.00
5/20/2026, 11:36:26 PM
2026-08-21
$47.50
5/20/2026, 11:36:26 PM
2026-11-20
$42.50
5/20/2026, 11:36:26 PM
2027-01-15
$47.50
5/20/2026, 11:36:26 PM
Selected expiration: 2026-06-18 at max pain $42.50.
UBS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
25
0
3973250
3973250
27.5
26000
3347750
3373750
30
52000
2722500
2774500
32.5
78000
2103750
2181750
35
104000
1486000
1590000
37.5
139000
1000250
1139250
40
224750
576750
801500
42.5
343250
192500
535750
45
920000
13500
933500
47.5
1687250
0
1687250
50
2786000
0
2786000
52.5
3968750
0
3968750
55
5316750
0
5316750
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.