This page reflects CENX 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 — CENX
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $55.00 (3.78 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$55.00
Nearest expiry
Expected Move
±$10.20
±17.4%
Days to Expiry
29
Calendar days
Total Call OI
22,427
Nearest expiry
Total Put OI
5,840
Nearest expiry
P/C OI Ratio
0.26
Put-heavy
Spot Price
$58.78
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
$55.00
4/17/2026, 11:02:22 PM
2026-05-15
$60.00
5/15/2026, 11:09:16 PM
2026-06-18NextUpdated
$55.00
5/20/2026, 11:03:53 PM
2026-07-17
$60.00
5/20/2026, 11:03:53 PM
2026-08-21
$50.00
5/20/2026, 11:03:53 PM
2026-09-18
$50.00
5/20/2026, 11:03:53 PM
2026-10-16
$50.00
5/20/2026, 11:03:53 PM
2026-11-20
$50.00
5/20/2026, 11:03:53 PM
2026-12-18
$65.00
5/20/2026, 11:03:53 PM
2027-01-15
$45.00
5/20/2026, 11:03:53 PM
Selected expiration: 2026-06-18 at max pain $55.00.
CENX pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
14
0
17701100
17701100
15
200
17117100
17117300
16
500
16534100
16534600
17
800
15951100
15951900
18
1300
15368300
15369600
19
2000
14785800
14787800
20
2800
14203300
14206100
21
4000
13622500
13626500
22
5200
13041700
13046900
23
6500
12460900
12467400
24
7800
11880100
11887900
25
9600
11300900
11310500
26
11400
10723600
10735000
27
15000
10147000
10162000
28
19300
9571600
9590900
29
24500
9097900
9122400
30
31300
8624900
8656200
31
47700
8154300
8202000
32
65900
7685700
7751600
33
84100
7217800
7301900
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.