This page reflects VRNS 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 — VRNS
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $30.00 (1.10 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$30.00
Nearest expiry
Expected Move
±$4.05
±13.0%
Days to Expiry
29
Calendar days
Total Call OI
13,499
Nearest expiry
Total Put OI
2,058
Nearest expiry
P/C OI Ratio
0.15
Put-heavy
Spot Price
$31.10
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
$22.50
4/17/2026, 11:29:12 PM
2026-05-15
$25.00
5/15/2026, 11:39:19 PM
2026-06-18NextUpdated
$30.00
5/20/2026, 11:35:23 PM
2026-09-18
$25.00
5/20/2026, 11:35:23 PM
2026-12-18
$30.00
5/20/2026, 11:35:23 PM
2027-01-15
$25.00
5/20/2026, 11:35:23 PM
Selected expiration: 2026-06-18 at max pain $30.00.
VRNS pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
3524250
3524250
15
0
3009750
3009750
17.5
750
2500250
2501000
20
1500
2009000
2010500
22.5
5000
1548000
1553000
25
12750
1234500
1247250
30
331250
667500
998750
35
1935750
124500
2060250
40
5737750
500
5738250
45
11087750
0
11087750
50
17259250
0
17259250
55
23487750
0
23487750
60
29793750
0
29793750
65
36404750
0
36404750
70
43143750
0
43143750
75
49885250
0
49885250
80
56633250
0
56633250
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.