This page reflects WAT 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 — WAT
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $330.00 (11.32 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$330.00
Nearest expiry
Expected Move
±$26.35
±7.7%
Days to Expiry
29
Calendar days
Total Call OI
260
Nearest expiry
Total Put OI
62
Nearest expiry
P/C OI Ratio
0.24
Put-heavy
Spot Price
$341.32
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
$300.00
4/17/2026, 11:30:35 PM
2026-05-15
$340.00
5/15/2026, 11:46:42 PM
2026-06-18NextUpdated
$330.00
5/20/2026, 11:41:24 PM
2026-07-17
$300.00
5/20/2026, 11:41:24 PM
2026-08-21
$340.00
5/20/2026, 11:41:24 PM
2026-11-20
$310.00
5/20/2026, 11:41:24 PM
2027-01-15
$350.00
5/20/2026, 11:41:24 PM
Selected expiration: 2026-06-18 at max pain $330.00.
WAT pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
200
0
594000
594000
240
20000
346000
366000
250
25000
286000
311000
260
30000
236000
266000
270
35000
195000
230000
280
40000
155000
195000
290
45000
117000
162000
300
50000
82000
132000
310
57000
51000
108000
320
66000
25000
91000
330
82000
4000
86000
340
103000
1000
104000
350
141000
0
141000
360
207000
0
207000
370
297000
0
297000
380
396000
0
396000
390
647000
0
647000
400
903000
0
903000
410
1161000
0
1161000
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.