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XLE

Energy Select Sector SPDRClose $61.29EOD only
Max Pain
$58.50
Next expiry May 22, 2026
Expected Move
±$1.41
2.3% from close
Price Gap
-2.79
Distance to max pain
IV Rank
29
Middle-high premium
P/C OI
1.80
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 19, 2026 close
End-of-day snapshot

This page reflects XLE 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 — XLE
Data as of market close May 19, 2026
Open Directional Report

Nearest listed expiration 2026-05-22 shows max pain at $58.50 (2.79 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$58.50
Nearest expiry
Expected Move
±$1.41
±2.3%
Days to Expiry
3
Calendar days
Total Call OI
52,975
Nearest expiry
Total Put OI
55,321
Nearest expiry
P/C OI Ratio
1.04
Put-heavy
Spot Price
$61.29
Published close
Consensus
6.5/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-05-22
ExpirationMax Pain StrikeLast Updated
2026-05-08$57.505/8/2026, 11:37:20 PM
2026-05-15$57.005/15/2026, 11:47:36 PM
2026-05-22NextUpdated$58.505/19/2026, 11:42:45 PM
2026-05-29$58.505/19/2026, 11:42:45 PM
2026-06-05$58.005/19/2026, 11:42:45 PM
2026-06-12$58.005/19/2026, 11:42:45 PM
2026-06-18$55.005/19/2026, 11:42:45 PM
2026-06-26$52.005/19/2026, 11:42:45 PM
2026-06-30$70.005/19/2026, 11:42:45 PM
2026-07-17$56.005/19/2026, 11:42:45 PM
2026-08-21$57.005/19/2026, 11:42:45 PM
2026-09-18$57.505/19/2026, 11:42:45 PM
2026-09-30$48.005/19/2026, 11:42:45 PM
2026-10-16$55.005/19/2026, 11:42:45 PM
2026-11-20$55.005/19/2026, 11:42:45 PM
2026-12-18$60.005/19/2026, 11:42:45 PM
2026-12-31$48.005/19/2026, 11:42:45 PM
2027-01-15$55.005/19/2026, 11:42:45 PM
2027-03-19$61.005/19/2026, 11:42:45 PM
2027-03-31$60.005/19/2026, 11:42:45 PM
Selected expiration: 2026-05-22 at max pain $58.50.
XLE pain by strike for 2026-05-22 expiration
StrikeCall PainPut PainTotal Pain
350126601100126601100
4010009699410096995100
4530006738910067392100
4641006147420061478300
4757005555940055565100
4883004964460049652900
49118004373180043743600
50267003783110037857800
51551003196150032016600
51.5711502905975029130900
52872002615840026245600
52.51054502331150023416950
531238002049365020617450
53.51429501789060018033550
541632501534370015506950
54.51898501286990013059750
552175001041655010634050
55.526455082438008508350
5635145065253506876800
56.546930050897005559000
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.