This page reflects CDE 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 — CDE
Data as of market close May 20, 2026
Nearest listed expiration 2026-05-22 shows max pain at $18.00 (0.27 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$18.00
Nearest expiry
Expected Move
±$0.88
±4.9%
Days to Expiry
2
Calendar days
Total Call OI
12,997
Nearest expiry
Total Put OI
6,194
Nearest expiry
P/C OI Ratio
0.48
Put-heavy
Spot Price
$17.73
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, 11:07:09 PM
2026-05-15
$17.50
5/15/2026, 11:07:22 PM
2026-05-22NextUpdated
$18.00
5/20/2026, 11:08:01 PM
2026-05-29
$18.00
5/20/2026, 11:08:01 PM
2026-06-05
$19.00
5/20/2026, 11:08:01 PM
2026-06-12
$19.50
5/20/2026, 11:08:01 PM
2026-06-18
$17.50
5/20/2026, 11:08:01 PM
2026-06-26
$19.00
5/20/2026, 11:08:01 PM
2026-07-17
$17.50
5/20/2026, 11:08:01 PM
2026-08-21
$15.00
5/20/2026, 11:08:01 PM
2026-09-18
$17.50
5/20/2026, 11:08:01 PM
2026-11-20
$15.00
5/20/2026, 11:08:01 PM
2026-12-18
$17.50
5/20/2026, 11:08:01 PM
2027-01-15
$10.00
5/20/2026, 11:08:01 PM
Selected expiration: 2026-05-22 at max pain $18.00.
CDE pain by strike for 2026-05-22 expiration
Strike
Call Pain
Put Pain
Total Pain
10
0
5118400
5118400
11
500
4499000
4499500
12
1300
3879700
3881000
13
2200
3260500
3262700
13.5
2700
2951000
2953700
14
3800
2641800
2645600
14.5
5300
2333150
2338450
15
6900
2026000
2032900
15.5
12650
1738250
1750900
16
18450
1457250
1475700
16.5
25300
1196550
1221850
17
34750
970600
1005350
17.5
64950
776350
841300
18
112850
616550
729400
18.5
269250
481650
750900
19
449250
363650
812900
19.5
670050
304300
974350
20
961300
261350
1222650
20.5
1304250
225550
1529800
21
1715300
198700
1914000
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.