This page reflects CAH 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 — CAH
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $192.50 (6.73 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$192.50
Nearest expiry
Expected Move
±$3.82
±1.9%
Days to Expiry
2
Calendar days
Total Call OI
1,054
Nearest expiry
Total Put OI
292
Nearest expiry
P/C OI Ratio
0.28
Put-heavy
Spot Price
$199.23
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
$195.00
5/8/2026, 11:07:32 PM
2026-05-15
$190.00
5/15/2026, 11:07:08 PM
2026-05-22NextUpdated
$192.50
5/20/2026, 11:04:06 PM
2026-05-29
$192.50
5/20/2026, 11:04:06 PM
2026-06-05
$195.00
5/20/2026, 11:04:06 PM
2026-06-12
$205.00
5/20/2026, 11:04:06 PM
2026-06-18
$195.00
5/20/2026, 11:04:06 PM
2026-06-26
$180.00
5/20/2026, 11:04:06 PM
2026-07-17
$190.00
5/20/2026, 11:04:06 PM
2026-09-18
$185.00
5/20/2026, 11:04:06 PM
2026-12-18
$185.00
5/20/2026, 11:04:06 PM
2027-01-15
$155.00
5/20/2026, 11:04:06 PM
2027-03-19
$165.00
5/20/2026, 11:04:06 PM
Selected expiration: 2026-05-22 at max pain $192.50.
CAH pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
150
0
1024500
1024500
165
0
588000
588000
170
0
445000
445000
172.5
0
374000
374000
175
0
303500
303500
177.5
250
236750
237000
180
750
172000
172750
182.5
1750
122250
124000
185
5250
80500
85750
187.5
10250
56250
66500
190
16500
33500
50000
192.5
25250
22000
47250
195
35000
13500
48500
197.5
50250
6750
57000
200
77250
0
77250
202.5
113250
0
113250
205
168250
0
168250
207.5
234250
0
234250
210
305750
0
305750
215
461250
0
461250
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.