Health Care Select Sector SPDRClose $147.13EOD only
Max Pain
$146.00
Next expiry May 22, 2026
Expected Move
±$3.20
2.2% from close
Price Gap
-1.13
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.23
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLV 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 — XLV
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $146.00 (1.13 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$146.00
Nearest expiry
Expected Move
±$3.20
±2.2%
Days to Expiry
2
Calendar days
Total Call OI
4,071
Nearest expiry
Total Put OI
4,143
Nearest expiry
P/C OI Ratio
1.02
Put-heavy
Spot Price
$147.13
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
$145.00
5/8/2026, 11:36:02 PM
2026-05-15
$145.00
5/15/2026, 11:45:49 PM
2026-05-22NextUpdated
$146.00
5/20/2026, 11:41:50 PM
2026-05-29
$145.50
5/20/2026, 11:41:50 PM
2026-06-05
$143.50
5/20/2026, 11:41:50 PM
2026-06-12
$146.00
5/20/2026, 11:41:50 PM
2026-06-18
$148.00
5/20/2026, 11:41:50 PM
2026-06-26
$139.00
5/20/2026, 11:41:50 PM
2026-07-17
$145.00
5/20/2026, 11:41:50 PM
2026-09-18
$150.00
5/20/2026, 11:41:50 PM
2026-12-18
$140.00
5/20/2026, 11:41:50 PM
2027-01-15
$147.00
5/20/2026, 11:41:50 PM
2027-03-19
$135.00
5/20/2026, 11:41:50 PM
Selected expiration: 2026-05-22 at max pain $146.00.
XLV pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
85
0
23687900
23687900
90
1000
21616400
21617400
95
4000
19544900
19548900
100
8000
17473400
17481400
105
17000
15401900
15418900
120
59000
9187400
9246400
125
73000
7116900
7189900
130
87000
5049400
5136400
131
89800
4637800
4727600
132
92600
4227100
4319700
134
98200
3405900
3504100
135
101000
2997100
3098100
136
104000
2594500
2698500
137
107000
2219600
2326600
138
110000
1861500
1971500
139
113000
1509500
1622500
140
116000
1162200
1278200
141
119600
841700
961300
142
123200
581200
704400
143
127400
418200
545600
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.