Nearest listed expiration 2026-05-22 shows max pain at $51.00 (0.10 below 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
±$0.72
±1.4%
Days to Expiry
3
Calendar days
Total Call OI
36,349
Nearest expiry
Total Put OI
50,026
Nearest expiry
P/C OI Ratio
1.38
Put-heavy
Spot Price
$51.10
Published close
Consensus
8.0/10
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
$52.50
5/8/2026, 11:35:01 PM
2026-05-15
$51.50
5/15/2026, 11:46:38 PM
2026-05-22NextUpdated
$51.00
5/19/2026, 11:42:41 PM
2026-05-29
$51.50
5/19/2026, 11:42:41 PM
2026-06-05
$51.50
5/19/2026, 11:42:41 PM
2026-06-12
$51.50
5/19/2026, 11:42:41 PM
2026-06-18
$52.00
5/19/2026, 11:42:41 PM
2026-06-26
$51.50
5/19/2026, 11:42:41 PM
2026-06-30
$52.00
5/19/2026, 11:42:41 PM
2026-07-17
$52.00
5/19/2026, 11:42:41 PM
2026-08-21
$51.00
5/19/2026, 11:42:41 PM
2026-09-18
$52.00
5/19/2026, 11:42:41 PM
2026-09-30
$54.00
5/19/2026, 11:42:41 PM
2026-10-16
$52.00
5/19/2026, 11:42:41 PM
2026-11-20
$50.00
5/19/2026, 11:42:41 PM
2026-12-18
$50.00
5/19/2026, 11:42:41 PM
2026-12-31
$48.00
5/19/2026, 11:42:41 PM
2027-01-15
$52.00
5/19/2026, 11:42:41 PM
2027-03-19
$52.00
5/19/2026, 11:42:41 PM
2027-03-31
$50.00
5/19/2026, 11:42:41 PM
Selected expiration: 2026-05-22 at max pain $51.00.
XLF pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
35
0
77344650
77344650
40
0
52333150
52333150
43
0
37332850
37332850
44
0
32332850
32332850
44.5
0
29838900
29838900
45
100
27346250
27346350
45.5
250
24858100
24858350
46
450
22370800
22371250
46.5
650
19895600
19896250
47
1000
17421600
17422600
47.5
1400
14952000
14953400
48
2050
12552800
12554850
48.5
3700
10168900
10172600
49
5400
7838350
7843750
49.5
11700
5571300
5583000
50
19400
3454300
3473700
50.5
29250
1650700
1679950
51
54750
218450
273200
51.5
393450
60500
453950
52
1143200
15350
1158550
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.