This page reflects WGS 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 — WGS
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $40.00 (4.73 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$2.70
±6.0%
Days to Expiry
2
Calendar days
Total Call OI
1,894
Nearest expiry
Total Put OI
1,497
Nearest expiry
P/C OI Ratio
0.79
Put-heavy
Spot Price
$44.73
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
$45.00
5/8/2026, 11:36:02 PM
2026-05-15
$37.00
5/15/2026, 11:46:41 PM
2026-05-22NextUpdated
$40.00
5/20/2026, 11:40:09 PM
2026-05-29
$40.00
5/20/2026, 11:40:09 PM
2026-06-05
$42.00
5/20/2026, 11:40:09 PM
2026-06-12
$45.00
5/20/2026, 11:40:09 PM
2026-06-18
$40.00
5/20/2026, 11:40:09 PM
2026-06-26
$35.00
5/20/2026, 11:40:09 PM
2026-09-18
$45.00
5/20/2026, 11:40:09 PM
2026-12-18
$47.50
5/20/2026, 11:40:09 PM
2027-01-15
$35.00
5/20/2026, 11:40:09 PM
Selected expiration: 2026-05-22 at max pain $40.00.
WGS pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
19
0
2774400
2774400
23
0
2177200
2177200
27
0
1580800
1580800
28
0
1432000
1432000
29
0
1283900
1283900
30
1400
1136200
1137600
31
4300
989100
993400
31.5
7900
920650
928550
32
11500
852300
863800
33
22900
716100
739000
34
34300
610200
644500
35
47200
505800
553000
36
61000
401800
462800
37
75000
322900
397900
38
89000
244200
333200
39
103900
187800
291700
40
118900
148100
267000
41
149900
123800
273700
42
203000
103200
306200
43
279300
90300
369600
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.