This page reflects XLB options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 19, 2026 close
Max Pain — XLB
Data as of market close May 19, 2026
Nearest listed expiration 2026-05-22 shows max pain at $51.00 (1.96 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$51.00
Nearest expiry
Expected Move
±$2.87
±5.8%
Days to Expiry
3
Calendar days
Total Call OI
1,597
Nearest expiry
Total Put OI
1,471
Nearest expiry
P/C OI Ratio
0.92
Put-heavy
Spot Price
$49.04
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
$51.00
5/8/2026, 11:37:15 PM
2026-05-15
$50.00
5/15/2026, 11:46:08 PM
2026-05-22NextUpdated
$51.00
5/19/2026, 11:41:52 PM
2026-05-29
$51.50
5/19/2026, 11:41:52 PM
2026-06-05
$50.50
5/19/2026, 11:41:52 PM
2026-06-12
$52.50
5/19/2026, 11:41:52 PM
2026-06-18
$49.50
5/19/2026, 11:41:52 PM
2026-06-26
$52.50
5/19/2026, 11:41:52 PM
2026-07-17
$49.00
5/19/2026, 11:41:52 PM
2026-09-18
$51.00
5/19/2026, 11:41:52 PM
2026-12-18
$50.00
5/19/2026, 11:41:52 PM
2027-01-15
$50.00
5/19/2026, 11:41:52 PM
2027-03-19
$47.00
5/19/2026, 11:41:52 PM
Selected expiration: 2026-05-22 at max pain $51.00.
XLB pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
2864400
2864400
35
1000
2128900
2129900
44
4600
805000
809600
44.5
4900
731450
736350
45
5300
657900
663200
45.5
5950
584800
590750
46
6700
511800
518500
46.5
8400
438800
447200
47
10250
366000
376250
47.5
12100
293300
305400
48
14400
221800
236200
48.5
17000
163100
180100
49
19800
110450
130250
49.5
24150
66100
90250
50
29300
27400
56700
50.5
39450
11400
50850
51
57250
5550
62800
51.5
98450
2150
100600
52
162800
1600
164400
52.5
229100
1250
230350
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.