This page reflects CENX options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Oct 2, 2026 close
Max Pain — CENX
Data as of market close Oct 2, 2026
Nearest listed expiration 2026-10-16 shows max pain at $40.00 (4.38 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$40.00
Nearest expiry
Expected Move
±$2.97
±8.3%
Days to Expiry
14
Calendar days
Total Call OI
6,665
Nearest expiry
Total Put OI
3,250
Nearest expiry
P/C OI Ratio
0.49
Put-heavy
Spot Price
$35.62
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-10-16
Expiration
Max Pain Strike
Last Updated
2026-08-21
$45.00
8/21/2026, 11:07:17 PM
2026-09-18
$43.00
9/18/2026, 11:08:05 PM
2026-10-16NextUpdated
$40.00
10/2/2026, 11:08:09 PM
2026-11-20
$45.00
10/2/2026, 11:08:09 PM
2026-12-18
$45.00
10/2/2026, 11:08:09 PM
2027-01-15
$45.00
10/2/2026, 11:08:09 PM
2027-03-19
$45.00
10/2/2026, 11:08:09 PM
Selected expiration: 2026-10-16 at max pain $40.00.
CENX pain by strike for 2026-10-16 expiration
Strike
Call Pain
Put Pain
Total Pain
22.5
0
4214000
4214000
25
0
3401500
3401500
30
5000
2022500
2027500
35
15000
978500
993500
40
82500
290500
373000
45
1234500
46500
1281000
50
2829500
0
2829500
55
4727000
0
4727000
60
7598000
0
7598000
65
10795500
0
10795500
70
14016000
0
14016000
75
17255500
0
17255500
80
20552000
0
20552000
85
23880000
0
23880000
90
27208000
0
27208000
95
30540500
0
30540500
100
33873000
0
33873000
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.