This page reflects XEL 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 — XEL
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $75.00 (4.86 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$75.00
Nearest expiry
Expected Move
±$4.83
±6.0%
Days to Expiry
29
Calendar days
Total Call OI
2,923
Nearest expiry
Total Put OI
1,203
Nearest expiry
P/C OI Ratio
0.41
Put-heavy
Spot Price
$79.86
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
$80.00
4/17/2026, 11:32:14 PM
2026-05-15
$75.00
5/15/2026, 11:47:30 PM
2026-06-18NextUpdated
$75.00
5/20/2026, 11:41:11 PM
2026-07-17
$75.00
5/20/2026, 11:41:11 PM
2026-08-21
$70.00
5/20/2026, 11:41:11 PM
2026-09-18
$80.00
5/20/2026, 11:41:11 PM
2026-11-20
$80.00
5/20/2026, 11:41:11 PM
2026-12-18
$60.00
5/20/2026, 11:41:11 PM
2027-01-15
$80.00
5/20/2026, 11:41:11 PM
Selected expiration: 2026-06-18 at max pain $75.00.
XEL pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
45
0
3560500
3560500
55
0
2364500
2364500
60
0
1767500
1767500
65
0
1173000
1173000
70
1500
604000
605500
75
18500
130000
148500
80
332000
6000
338000
85
1010500
0
1010500
90
1962500
0
1962500
95
3414500
0
3414500
100
4871000
0
4871000
105
6328500
0
6328500
110
7788000
0
7788000
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.