This page reflects ZETA 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 — ZETA
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $17.50 (0.84 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$17.50
Nearest expiry
Expected Move
±$0.90
±4.9%
Days to Expiry
2
Calendar days
Total Call OI
20,050
Nearest expiry
Total Put OI
8,460
Nearest expiry
P/C OI Ratio
0.42
Put-heavy
Spot Price
$18.34
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
$17.50
5/8/2026, 11:36:58 PM
2026-05-15
$17.00
5/15/2026, 11:48:06 PM
2026-05-22NextUpdated
$17.50
5/20/2026, 11:41:53 PM
2026-05-29
$17.00
5/20/2026, 11:41:53 PM
2026-06-05
$17.50
5/20/2026, 11:41:53 PM
2026-06-12
$18.00
5/20/2026, 11:41:53 PM
2026-06-18
$17.50
5/20/2026, 11:41:53 PM
2026-06-26
$17.00
5/20/2026, 11:41:53 PM
2026-07-17
$20.00
5/20/2026, 11:41:53 PM
2026-09-18
$17.50
5/20/2026, 11:41:53 PM
2026-12-18
$17.50
5/20/2026, 11:41:53 PM
2027-01-15
$15.00
5/20/2026, 11:41:53 PM
Selected expiration: 2026-05-22 at max pain $17.50.
ZETA pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
9
0
6118500
6118500
10
800
5272900
5273700
10.5
1250
4850450
4851700
11
2600
4428350
4430950
11.5
4900
4007300
4012200
12
7900
3587300
3595200
12.5
11400
3169900
3181300
13
14900
2753450
2768350
13.5
18400
2337950
2356350
14
22150
1922750
1944900
14.5
26100
1511350
1537450
15
30250
1108050
1138300
15.5
35300
732300
767600
16
41250
474200
515450
16.5
64800
339750
404550
17
96400
228500
324900
17.5
143050
139300
282350
18
240250
76200
316450
18.5
407000
30800
437800
19
615400
16300
631700
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.