This page reflects WAY 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 — WAY
Data as of market close May 21, 2026
Nearest listed expiration 2026-06-18 shows max pain at $22.50 (3.67 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$22.50
Nearest expiry
Expected Move
±$2.45
±13.0%
Days to Expiry
28
Calendar days
Total Call OI
3,712
Nearest expiry
Total Put OI
4,322
Nearest expiry
P/C OI Ratio
1.16
Put-heavy
Spot Price
$18.83
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
$25.00
4/17/2026, 11:32:09 PM
2026-05-15
$20.00
5/15/2026, 11:44:14 PM
2026-06-18NextUpdated
$22.50
5/21/2026, 11:41:04 PM
2026-09-18
$22.50
5/21/2026, 11:41:04 PM
2026-12-18
$20.00
5/21/2026, 11:41:04 PM
2027-01-15
$27.50
5/21/2026, 11:41:04 PM
Selected expiration: 2026-06-18 at max pain $22.50.
WAY pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
12.5
0
3925750
3925750
15
0
2845500
2845500
17.5
500
1769000
1769500
20
1000
750500
751500
22.5
29750
326500
356250
25
345750
116000
461750
27.5
1065000
44750
1109750
30
1824500
5750
1830250
32.5
2608000
0
2608000
35
3447250
0
3447250
37.5
4364500
0
4364500
40
5283750
0
5283750
42.5
6208500
0
6208500
45
7133250
0
7133250
47.5
8058000
0
8058000
50
8983250
0
8983250
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.