This page reflects WSO 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 — WSO
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $400.00 (13.43 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$400.00
Nearest expiry
Expected Move
±$16.30
±4.2%
Days to Expiry
29
Calendar days
Total Call OI
282
Nearest expiry
Total Put OI
74
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$386.57
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
$390.00
4/17/2026, 11:32:19 PM
2026-05-15
$460.00
5/15/2026, 11:48:00 PM
2026-06-18NextUpdated
$400.00
5/20/2026, 11:38:40 PM
2026-08-21
$310.00
5/20/2026, 11:38:40 PM
2026-11-20
$300.00
5/20/2026, 11:38:40 PM
Selected expiration: 2026-06-18 at max pain $400.00.
WSO pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
310
0
498000
498000
330
0
352000
352000
340
1000
279000
280000
350
2000
213000
215000
360
3000
157000
160000
370
4000
105000
109000
380
5000
57000
62000
390
6000
28000
34000
400
7000
16000
23000
410
51000
5000
56000
420
97000
1000
98000
430
147000
0
147000
440
207000
0
207000
450
279000
0
279000
460
385000
0
385000
470
641000
0
641000
480
907000
0
907000
500
1455000
0
1455000
510
1733000
0
1733000
520
2012000
0
2012000
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.