Communication Services Select Sector SPDRClose $116.10EOD only
Max Pain
$115.00
Next expiry May 22, 2026
Expected Move
±$3.35
2.9% from close
Price Gap
-1.10
Distance to max pain
IV Rank
96
High premium
P/C OI
8.08
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLC 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 — XLC
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $115.00 (1.10 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$115.00
Nearest expiry
Expected Move
±$3.35
±2.9%
Days to Expiry
2
Calendar days
Total Call OI
407
Nearest expiry
Total Put OI
307
Nearest expiry
P/C OI Ratio
0.75
Put-heavy
Spot Price
$116.10
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
$105.00
5/8/2026, 11:36:32 PM
2026-05-15
$115.00
5/15/2026, 11:46:42 PM
2026-05-22NextUpdated
$115.00
5/20/2026, 11:36:43 PM
2026-05-29
$114.00
5/20/2026, 11:36:43 PM
2026-06-05
$115.00
5/20/2026, 11:36:43 PM
2026-06-12
$112.00
5/20/2026, 11:36:43 PM
2026-06-18
$110.00
5/20/2026, 11:36:43 PM
2026-06-26
$116.00
5/20/2026, 11:36:43 PM
2026-07-17
$109.00
5/20/2026, 11:36:43 PM
2026-09-18
$120.00
5/20/2026, 11:36:43 PM
2026-12-18
$118.00
5/20/2026, 11:36:43 PM
2027-01-15
$115.00
5/20/2026, 11:36:43 PM
Selected expiration: 2026-05-22 at max pain $115.00.
XLC pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
80
0
967200
967200
102
0
294000
294000
103
0
263500
263500
105
0
202700
202700
106
0
172500
172500
107
0
142400
142400
108
1000
113600
114600
109
2000
85000
87000
110
3000
64600
67600
111
4100
44500
48600
112
5300
32900
38200
113
7300
22500
29800
114
9700
13300
23000
115
12900
6200
19100
116
34700
2000
36700
117
58000
400
58400
118
84800
0
84800
119
113400
0
113400
120
144900
0
144900
121
177300
0
177300
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.