Consumer Staples Select Sector SPDRClose $85.52EOD only
Max Pain
$85.00
Next expiry May 22, 2026
Expected Move
±$4.80
5.6% from close
Price Gap
-0.52
Distance to max pain
IV Rank
77
High premium
P/C OI
5.50
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLP 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 — XLP
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $85.00 (0.52 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$85.00
Nearest expiry
Expected Move
±$4.80
±5.6%
Days to Expiry
2
Calendar days
Total Call OI
4,957
Nearest expiry
Total Put OI
6,523
Nearest expiry
P/C OI Ratio
1.32
Put-heavy
Spot Price
$85.52
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
$83.00
5/8/2026, 11:36:13 PM
2026-05-15
$84.50
5/15/2026, 11:46:21 PM
2026-05-22NextUpdated
$85.00
5/20/2026, 11:41:41 PM
2026-05-29
$84.00
5/20/2026, 11:41:41 PM
2026-06-05
$84.50
5/20/2026, 11:41:41 PM
2026-06-12
$84.50
5/20/2026, 11:41:41 PM
2026-06-18
$84.00
5/20/2026, 11:41:41 PM
2026-06-26
$85.00
5/20/2026, 11:41:41 PM
2026-07-17
$84.00
5/20/2026, 11:41:41 PM
2026-09-18
$83.00
5/20/2026, 11:41:41 PM
2026-12-18
$85.00
5/20/2026, 11:41:41 PM
2027-01-15
$83.00
5/20/2026, 11:41:41 PM
2027-03-19
$84.00
5/20/2026, 11:41:41 PM
Selected expiration: 2026-05-22 at max pain $85.00.
XLP pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
8783950
8783950
74
0
6176750
6176750
75
0
5525050
5525050
76
200
4876750
4876950
76.5
300
4553300
4553600
77
400
4230650
4231050
77.5
600
3909300
3909900
78
900
3588100
3589000
78.5
1350
3267850
3269200
79
1950
2949550
2951500
79.5
2750
2633950
2636700
80
3700
2321150
2324850
80.5
5850
2010950
2016800
81
8150
1703550
1711700
81.5
15300
1401050
1416350
82
24300
1103950
1128250
82.5
34250
811750
846000
83
44800
595400
640200
83.5
58650
439350
498000
84
79900
287000
366900
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.