This page reflects CDW 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 — CDW
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $110.00 (3.79 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$110.00
Nearest expiry
Expected Move
±$9.55
±9.0%
Days to Expiry
29
Calendar days
Total Call OI
3,387
Nearest expiry
Total Put OI
1,772
Nearest expiry
P/C OI Ratio
0.52
Put-heavy
Spot Price
$106.21
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
$125.00
4/17/2026, 11:06:57 PM
2026-05-15
$110.00
5/15/2026, 11:10:11 PM
2026-06-18NextUpdated
$110.00
5/20/2026, 11:06:04 PM
2026-07-17
$105.00
5/20/2026, 11:06:04 PM
2026-09-18
$110.00
5/20/2026, 11:06:04 PM
2026-10-16
$100.00
5/20/2026, 11:06:04 PM
2026-12-18
$110.00
5/20/2026, 11:06:04 PM
Selected expiration: 2026-06-18 at max pain $110.00.
CDW pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
70
0
6687000
6687000
75
5000
5801500
5806500
80
10000
4918500
4928500
85
15000
4038000
4053000
90
20500
3179000
3199500
95
26500
2373000
2399500
100
36500
1661500
1698000
105
67500
1143500
1211000
110
128500
859000
987500
115
639000
648000
1287000
120
1185500
471500
1657000
125
1756500
329000
2085500
130
2376500
227000
2603500
135
3075000
134500
3209500
140
3860000
68000
3928000
145
4986000
39500
5025500
150
6278500
18000
6296500
155
7755000
8000
7763000
160
9250500
4500
9255000
165
10757000
1000
10758000
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.