Consumer Discretionary Select Sector SPDRClose $117.94EOD only
Max Pain
$111.00
Next expiry May 22, 2026
Expected Move
±$4.80
4.1% from close
Price Gap
-6.94
Distance to max pain
IV Rank
10
Low premium
P/C OI
3.12
Slightly put-heavy
Consensus
—
No reports available
Published snapshot: May 20, 2026 close
End-of-day snapshot
This page reflects XLY 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 — XLY
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $111.00 (6.94 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$111.00
Nearest expiry
Expected Move
±$4.80
±4.1%
Days to Expiry
2
Calendar days
Total Call OI
2,364
Nearest expiry
Total Put OI
492
Nearest expiry
P/C OI Ratio
0.21
Put-heavy
Spot Price
$117.94
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
$117.50
5/8/2026, 11:36:23 PM
2026-05-15
$116.00
5/15/2026, 11:48:44 PM
2026-05-22NextUpdated
$111.00
5/20/2026, 11:33:46 PM
2026-05-29
$115.00
5/20/2026, 11:33:46 PM
2026-06-05
$115.00
5/20/2026, 11:33:46 PM
2026-06-12
$116.50
5/20/2026, 11:33:46 PM
2026-06-18
$125.00
5/20/2026, 11:33:46 PM
2026-06-26
$119.50
5/20/2026, 11:33:46 PM
2026-07-17
$118.00
5/20/2026, 11:33:46 PM
2026-09-18
$120.00
5/20/2026, 11:33:46 PM
2026-10-16
$119.00
5/20/2026, 11:33:46 PM
2026-12-18
$160.00
5/20/2026, 11:33:46 PM
2027-01-15
$120.00
5/20/2026, 11:33:46 PM
2027-03-19
$116.00
5/20/2026, 11:33:46 PM
Selected expiration: 2026-05-22 at max pain $111.00.
XLY pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
90
0
1092300
1092300
98
0
722700
722700
100
0
630300
630300
101
0
584200
584200
102
14700
538100
552800
103
44100
492200
536300
104
73500
446400
519900
105
102900
400900
503800
106
132800
357000
489800
107
162700
313600
476300
107.5
177750
292950
470700
108
193300
272300
465600
108.5
209350
252350
461700
109
225750
232800
458550
109.5
242750
213450
456200
110
259900
194500
454400
110.5
277400
176300
453700
111
295000
158400
453400
111.5
312950
141250
454200
112
331000
126050
457050
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.