This page reflects VWAV options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 21, 2026 close
Max Pain — VWAV
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $7.50 (2.36 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$7.50
Nearest expiry
Expected Move
±$1.38
±26.8%
Days to Expiry
28
Calendar days
Total Call OI
10,897
Nearest expiry
Total Put OI
1,518
Nearest expiry
P/C OI Ratio
0.14
Put-heavy
Spot Price
$5.14
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
$7.50
4/17/2026, 11:32:40 PM
2026-05-15
$7.50
5/15/2026, 11:46:17 PM
2026-06-18NextUpdated
$7.50
5/21/2026, 11:40:53 PM
2026-07-17
$5.00
5/21/2026, 11:40:53 PM
2026-09-18
$5.00
5/21/2026, 11:40:53 PM
2026-12-18
$5.00
5/21/2026, 11:40:53 PM
2027-01-15
$5.00
5/21/2026, 11:40:53 PM
Selected expiration: 2026-06-18 at max pain $7.50.
VWAV pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
696500
696500
5
1750
413750
415500
7.5
100750
221500
322250
10
548500
74000
622500
12.5
1313500
2750
1316250
15
3375500
1500
3377000
17.5
5990750
250
5991000
20
8619000
0
8619000
22.5
11309500
0
11309500
25
14020500
0
14020500
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.