This page reflects ZD 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 — ZD
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $45.00 (2.67 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$45.00
Nearest expiry
Expected Move
±$4.00
±9.4%
Days to Expiry
29
Calendar days
Total Call OI
158
Nearest expiry
Total Put OI
1,132
Nearest expiry
P/C OI Ratio
7.16
Put-heavy
Spot Price
$42.33
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
$45.00
4/17/2026, 11:34:18 PM
2026-05-15
$40.00
5/15/2026, 11:48:30 PM
2026-06-18NextUpdated
$45.00
5/20/2026, 11:41:03 PM
2026-07-17
$40.00
5/20/2026, 11:41:03 PM
2026-09-18
$40.00
5/20/2026, 11:41:03 PM
2026-12-18
$40.00
5/20/2026, 11:41:03 PM
2027-01-15
$45.00
5/20/2026, 11:41:03 PM
Selected expiration: 2026-06-18 at max pain $45.00.
ZD pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
15
0
2090250
2090250
17.5
0
1815500
1815500
20
0
1540750
1540750
22.5
0
1266000
1266000
25
0
1011000
1011000
30
0
501000
501000
35
0
232000
232000
40
0
22500
22500
45
6000
500
6500
50
30000
0
30000
55
60500
0
60500
60
110500
0
110500
65
177500
0
177500
70
244500
0
244500
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.