This page reflects WEN 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 — WEN
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $7.50 (0.25 below 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
±$0.33
±4.2%
Days to Expiry
2
Calendar days
Total Call OI
8,145
Nearest expiry
Total Put OI
4,896
Nearest expiry
P/C OI Ratio
0.60
Put-heavy
Spot Price
$7.75
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-05-22
Expiration
Max Pain Strike
Last Updated
2026-05-08
$7.50
5/8/2026, 11:34:47 PM
2026-05-15
$7.50
5/15/2026, 11:47:29 PM
2026-05-22NextUpdated
$7.50
5/20/2026, 11:41:33 PM
2026-05-29
$8.00
5/20/2026, 11:41:33 PM
2026-06-05
$8.00
5/20/2026, 11:41:33 PM
2026-06-12
$7.00
5/20/2026, 11:41:33 PM
2026-06-18
$7.00
5/20/2026, 11:41:33 PM
2026-06-26
$8.50
5/20/2026, 11:41:33 PM
2026-07-17
$7.00
5/20/2026, 11:41:33 PM
2026-08-21
$7.00
5/20/2026, 11:41:33 PM
2026-11-20
$6.00
5/20/2026, 11:41:33 PM
2027-01-15
$8.00
5/20/2026, 11:41:33 PM
Selected expiration: 2026-05-22 at max pain $7.50.
WEN pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
3
0
2146250
2146250
4
2200
1656650
1658850
4.5
4400
1411850
1416250
5
6600
1167050
1173650
5.5
10300
922300
932600
6
14100
678900
693000
6.5
19700
446700
466400
7
30600
233850
264450
7.5
76200
68200
144400
8
179650
4650
184300
8.5
453700
1650
455350
9
795750
400
796150
9.5
1190400
300
1190700
10
1591650
200
1591850
10.5
1998850
100
1998950
11
2406050
0
2406050
11.5
2813300
0
2813300
12
3220550
0
3220550
13
4035050
0
4035050
13.5
4442300
0
4442300
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.