This page reflects WM 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 — WM
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $220.00 (0.41 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$220.00
Nearest expiry
Expected Move
±$11.25
±5.1%
Days to Expiry
29
Calendar days
Total Call OI
16,782
Nearest expiry
Total Put OI
4,818
Nearest expiry
P/C OI Ratio
0.29
Put-heavy
Spot Price
$219.59
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
$220.00
4/17/2026, 11:34:25 PM
2026-05-15
$220.00
5/15/2026, 11:46:53 PM
2026-06-18NextUpdated
$220.00
5/20/2026, 11:40:30 PM
2026-07-17
$220.00
5/20/2026, 11:40:30 PM
2026-09-18
$210.00
5/20/2026, 11:40:30 PM
2026-10-16
$220.00
5/20/2026, 11:40:30 PM
2026-12-18
$200.00
5/20/2026, 11:40:30 PM
2027-01-15
$200.00
5/20/2026, 11:40:30 PM
2027-03-19
$220.00
5/20/2026, 11:40:30 PM
Selected expiration: 2026-06-18 at max pain $220.00.
WM pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
115
0
45519500
45519500
135
4000
35931500
35935500
140
5000
33536500
33541500
145
8500
31145500
31154000
150
12000
28754500
28766500
155
17500
26372500
26390000
160
24000
23991000
24015000
165
30500
21620000
21650500
170
41000
19257500
19298500
175
55000
16911500
16966500
180
92500
14589000
14681500
185
134500
12371500
12506000
190
178500
10189000
10367500
195
226500
8078500
8305000
200
283500
6080000
6363500
210
535500
2851000
3386500
220
968500
961000
1929500
230
1832500
289000
2121500
240
4605500
52000
4657500
250
9629500
6000
9635500
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.