Industrial Select Sector SPDRClose $170.73EOD only
Max Pain
$175.00
Next expiry May 22, 2026
Expected Move
±$5.03
3.0% from close
Price Gap
+4.27
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
4.50
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLI 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 — XLI
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $175.00 (4.27 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$175.00
Nearest expiry
Expected Move
±$5.03
±3.0%
Days to Expiry
2
Calendar days
Total Call OI
3,246
Nearest expiry
Total Put OI
4,214
Nearest expiry
P/C OI Ratio
1.30
Put-heavy
Spot Price
$170.73
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
$174.00
5/8/2026, 11:36:16 PM
2026-05-15
$171.00
5/15/2026, 11:46:21 PM
2026-05-22NextUpdated
$175.00
5/20/2026, 11:41:22 PM
2026-05-29
$172.00
5/20/2026, 11:41:22 PM
2026-06-05
$175.00
5/20/2026, 11:41:22 PM
2026-06-12
$168.00
5/20/2026, 11:41:22 PM
2026-06-18
$167.00
5/20/2026, 11:41:22 PM
2026-06-26
$170.00
5/20/2026, 11:41:22 PM
2026-07-17
$170.00
5/20/2026, 11:41:22 PM
2026-09-18
$170.00
5/20/2026, 11:41:22 PM
2026-11-20
$175.00
5/20/2026, 11:41:22 PM
2026-12-18
$154.00
5/20/2026, 11:41:22 PM
2027-01-15
$165.00
5/20/2026, 11:41:22 PM
2027-03-19
$170.00
5/20/2026, 11:41:22 PM
Selected expiration: 2026-05-22 at max pain $175.00.
XLI pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
90
0
31412050
31412050
95
500
29305050
29305550
120
5500
18770050
18775550
125
7000
16663550
16670550
130
8500
14557550
14566050
140
12500
10378550
10391050
145
14500
8292050
8306550
150
17000
6251550
6268550
152
18400
5437750
5456150
152.5
18850
5234950
5253800
153
19350
5034100
5053450
154
20450
4633100
4653550
155
21550
4321800
4343350
156
22650
4014900
4037550
157
23750
3712500
3736250
157.5
24450
3564900
3589350
158
26050
3417300
3443350
159
29550
3124900
3154450
160
33050
2832500
2865550
161
36650
2548100
2584750
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.