This page reflects VMI 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 — VMI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $480.00 (23.36 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$480.00
Nearest expiry
Expected Move
±$36.65
±7.3%
Days to Expiry
29
Calendar days
Total Call OI
182
Nearest expiry
Total Put OI
393
Nearest expiry
P/C OI Ratio
2.16
Put-heavy
Spot Price
$503.36
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
$390.00
4/17/2026, 11:29:52 PM
2026-05-15
$400.00
5/15/2026, 11:44:04 PM
2026-06-18NextUpdated
$480.00
5/20/2026, 11:38:27 PM
2026-09-18
$450.00
5/20/2026, 11:38:27 PM
2026-12-18
$480.00
5/20/2026, 11:38:27 PM
Selected expiration: 2026-06-18 at max pain $480.00.
VMI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
230
0
9048000
9048000
240
1000
8655000
8656000
250
2000
8262000
8264000
260
3000
7884000
7887000
280
9000
7130000
7139000
290
12000
6753000
6765000
300
15000
6376000
6391000
310
19000
6000000
6019000
320
23000
5625000
5648000
330
28000
5250000
5278000
360
49000
4125000
4174000
370
58000
3771000
3829000
380
67000
3418000
3485000
390
77000
3065000
3142000
400
88000
2719000
2807000
410
99000
2378000
2477000
420
113000
2045000
2158000
430
140000
1713000
1853000
440
170000
1382000
1552000
450
221000
1053000
1274000
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.