This page reflects XPO 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 — XPO
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $180.00 (30.73 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$180.00
Nearest expiry
Expected Move
±$21.60
±10.3%
Days to Expiry
29
Calendar days
Total Call OI
2,115
Nearest expiry
Total Put OI
3,160
Nearest expiry
P/C OI Ratio
1.49
Put-heavy
Spot Price
$210.73
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-06-18
Expiration
Max Pain Strike
Last Updated
2026-04-17
$195.00
4/17/2026, 11:34:06 PM
2026-05-15
$190.00
5/15/2026, 11:46:43 PM
2026-06-18NextUpdated
$180.00
5/20/2026, 11:41:43 PM
2026-07-17
$200.00
5/20/2026, 11:41:43 PM
2026-08-21
$165.00
5/20/2026, 11:41:43 PM
2026-09-18
$190.00
5/20/2026, 11:41:43 PM
2026-11-20
$220.00
5/20/2026, 11:41:43 PM
2026-12-18
$165.00
5/20/2026, 11:41:43 PM
2027-01-15
$130.00
5/20/2026, 11:41:43 PM
2027-03-19
$230.00
5/20/2026, 11:41:43 PM
Selected expiration: 2026-06-18 at max pain $180.00.
XPO pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
47.5
0
34312250
34312250
50
0
33522250
33522250
55
0
31942250
31942250
60
1500
30362750
30364250
65
3000
28783250
28786250
70
4500
27204750
27209250
75
6000
25642250
25648250
80
7500
24084250
24091750
85
9000
22526750
22535750
87.5
9750
21748500
21758250
90
10500
20970500
20981000
92.5
11250
20193000
20204250
95
12000
19416500
19428500
97.5
12750
18640500
18653250
100
14000
17864500
17878500
105
17000
16320500
16337500
110
29000
14778000
14807000
115
43000
13237500
13280500
120
61000
11699500
11760500
125
82000
10161500
10243500
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.