This page reflects VAL 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 — VAL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $75.00 (34.59 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$75.00
Nearest expiry
Expected Move
±$14.15
±12.9%
Days to Expiry
29
Calendar days
Total Call OI
5,909
Nearest expiry
Total Put OI
7,984
Nearest expiry
P/C OI Ratio
1.35
Put-heavy
Spot Price
$109.59
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
$92.50
4/17/2026, 11:34:11 PM
2026-05-15
$70.00
5/15/2026, 11:39:27 PM
2026-06-18NextUpdated
$75.00
5/20/2026, 11:36:45 PM
2026-08-21
$80.00
5/20/2026, 11:36:45 PM
2026-11-20
$75.00
5/20/2026, 11:36:45 PM
2026-12-18
$52.50
5/20/2026, 11:36:45 PM
2027-01-15
$47.50
5/20/2026, 11:36:45 PM
Selected expiration: 2026-06-18 at max pain $75.00.
VAL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
31595750
31595750
17.5
500
29602250
29602750
20
1000
27609000
27610000
22.5
1500
25619000
25620500
25
2250
23629000
23631250
27.5
7000
21640250
21647250
30
11750
19658250
19670000
32.5
16500
17716750
17733250
35
21250
16057500
16078750
37.5
52500
14804500
14857000
40
99000
13801750
13900750
42.5
145500
12799000
12944500
45
192000
11797750
11989750
47.5
253250
10804750
11058000
50
314500
9817750
10132250
52.5
503750
8845750
9349500
55
693000
7964750
8657750
57.5
930250
7135000
8065250
60
1172750
6305250
7478000
62.5
1415250
5483750
6899000
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.