This page reflects CENX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Jul 2, 2026 close
Max Pain — CENX
Data as of market close Jul 2, 2026
Nearest listed expiration 2026-07-17 shows max pain at $50.00 (6.24 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$50.00
Nearest expiry
Expected Move
±$4.97
±11.4%
Days to Expiry
15
Calendar days
Total Call OI
5,144
Nearest expiry
Total Put OI
3,006
Nearest expiry
P/C OI Ratio
0.58
Put-heavy
Spot Price
$43.76
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-07-17
Expiration
Max Pain Strike
Last Updated
2026-05-15
$60.00
5/15/2026, 11:09:16 PM
2026-06-18
$49.00
6/18/2026, 11:07:11 PM
2026-07-17NextUpdated
$50.00
7/3/2026, 11:07:32 PM
2026-08-21
$45.00
7/3/2026, 11:07:32 PM
2026-09-18
$49.00
7/3/2026, 11:07:32 PM
2026-10-16
$50.00
7/3/2026, 11:07:32 PM
2026-11-20
$50.00
7/3/2026, 11:07:32 PM
2026-12-18
$65.00
7/3/2026, 11:07:32 PM
2027-01-15
$47.00
7/3/2026, 11:07:32 PM
Selected expiration: 2026-07-17 at max pain $50.00.
CENX pain by strike for 2026-07-17 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
6219500
6219500
35
0
4728500
4728500
40
6500
3257000
3263500
45
44000
1869500
1913500
50
569000
603500
1172500
55
1217500
65000
1282500
60
2109500
25000
2134500
65
3170500
11500
3182000
70
4806000
6000
4812000
75
6666000
500
6666500
80
8575500
0
8575500
85
10908500
0
10908500
90
13400500
0
13400500
95
15911000
0
15911000
100
18436000
0
18436000
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.