What is Z max pain this week?

Z max pain for the nearest expiration (2026-06-18) is $47.50. Total call open interest: 29,090. Total put open interest: 16,992.

What is max pain in options?

Max pain is the strike price where option holders (buyers of both puts and calls) would collectively lose the most money at expiration. It represents the point of maximum financial pain for option buyers, and theory suggests stock prices tend to gravitate toward max pain as expiration approaches.

Home Options ZMax Pain

Z

Zillow Group, Inc.Close $36.47EOD only

Max Pain

$47.50

Next expiry Jun 18, 2026

Expected Move

±$4.50

12.3% from close

Price Gap

+11.03

Distance to max pain

IV Rank

Low premium

P/C OI

0.59

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects Z 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 — Z

Data as of market close May 20, 2026

Open Available Reports (4/4)

Nearest listed expiration 2026-06-18 shows max pain at $47.50 (11.03 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike

$47.50

Nearest expiry

Expected Move

±$4.50

±12.3%

Days to Expiry

Calendar days

Total Call OI

29,090

Nearest expiry

Total Put OI

16,992

Nearest expiry

P/C OI Ratio

0.58

Put-heavy

Spot Price

$36.47

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	$42.50	4/17/2026, 11:34:37 PM
2026-05-15	$42.50	5/15/2026, 11:47:45 PM
2026-06-18NextUpdated	$47.50	5/20/2026, 11:37:00 PM
2026-07-17	$35.00	5/20/2026, 11:37:00 PM
2026-08-21	$47.50	5/20/2026, 11:37:00 PM
2026-09-18	$42.50	5/20/2026, 11:37:00 PM
2026-11-20	$42.50	5/20/2026, 11:37:00 PM
2026-12-18	$47.50	5/20/2026, 11:37:00 PM
2027-01-15	$55.00	5/20/2026, 11:37:00 PM
2027-03-19	$40.00	5/20/2026, 11:37:00 PM

Selected expiration: 2026-06-18 at max pain $47.50.

Z pain by strike for 2026-06-18 expiration
Strike	Call Pain	Put Pain	Total Pain
22.5	0	41050250	41050250
25	0	36809000	36809000
27.5	0	32571750	32571750
30	0	28350000	28350000
32.5	7500	24550750	24558250
35	24250	21339500	21363750
37.5	95000	18429750	18524750
40	199500	15724250	15923750
42.5	450500	13556250	14006750
45	977250	11493750	12471000
47.5	1712750	10480750	12193500
50	2747750	9559500	12307250
52.5	4797000	8648250	13445250
55	7205000	7739500	14944500
57.5	9680250	6840750	16521000
60	12292750	5985250	18278000
62.5	15099500	5135250	20234750
65	17926000	4290250	22216250
67.5	20783500	3445250	24228750
70	23658500	2624250	26282750

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.