What is CHWY max pain this week?

CHWY max pain for the nearest expiration (2026-05-22) is $21.50. Total call open interest: 11,412. Total put open interest: 6,930.

What is max pain in options?

Max pain is the strike price where option holders (buyers of both puts and calls) would collectively lose the most money at expiration. It represents the point of maximum financial pain for option buyers, and theory suggests stock prices tend to gravitate toward max pain as expiration approaches.

Home Options CHWYMax Pain

CHWY

Chewy, Inc.Close $20.17EOD only

Max Pain

$21.50

Next expiry May 22, 2026

Expected Move

±$0.83

4.1% from close

Price Gap

+1.33

Distance to max pain

IV Rank

Low premium

P/C OI

0.75

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 20, 2026 close

End-of-day snapshot

This page reflects CHWY 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 — CHWY

Data as of market close May 20, 2026

Open Available Reports (4/4)

Nearest listed expiration 2026-05-22 shows max pain at $21.50 (1.33 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike

$21.50

Nearest expiry

Expected Move

±$0.83

±4.1%

Days to Expiry

Calendar days

Total Call OI

11,412

Nearest expiry

Total Put OI

6,930

Nearest expiry

P/C OI Ratio

0.61

Put-heavy

Spot Price

$20.17

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	$24.50	5/8/2026, 11:07:13 PM
2026-05-15	$22.50	5/15/2026, 11:09:04 PM
2026-05-22NextUpdated	$21.50	5/20/2026, 11:09:29 PM
2026-05-29	$22.00	5/20/2026, 11:09:29 PM
2026-06-05	$24.00	5/20/2026, 11:09:29 PM
2026-06-12	$24.00	5/20/2026, 11:09:29 PM
2026-06-18	$25.00	5/20/2026, 11:09:29 PM
2026-06-26	$24.00	5/20/2026, 11:09:29 PM
2026-07-17	$22.50	5/20/2026, 11:09:29 PM
2026-08-21	$25.00	5/20/2026, 11:09:29 PM
2026-09-18	$27.50	5/20/2026, 11:09:29 PM
2026-10-16	$25.00	5/20/2026, 11:09:29 PM
2026-11-20	$27.50	5/20/2026, 11:09:29 PM
2026-12-18	$27.50	5/20/2026, 11:09:29 PM
2027-01-15	$27.50	5/20/2026, 11:09:29 PM
2027-03-19	$17.50	5/20/2026, 11:09:29 PM

Selected expiration: 2026-05-22 at max pain $21.50.

CHWY pain by strike for 2026-05-22 expiration
Strike	Call Pain	Put Pain	Total Pain
12	0	6102800	6102800
14	400	4716800	4717200
15	1800	4023800	4025600
16	3300	3330800	3334100
17	4900	2637800	2642700
18	6800	1944800	1951600
18.5	8850	1610500	1619350
19	10900	1297250	1308150
19.5	14500	1024750	1039250
20	18100	795400	813500
20.5	51550	587550	639100
21	90200	426350	516550
21.5	200450	281300	481750
22	398750	152250	551000
22.5	685450	38400	723850
23	990850	20500	1011350
23.5	1364600	13550	1378150
24	1746400	6950	1753350
24.5	2143550	3650	2147200
25	2544450	900	2545350

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.