This page reflects CMBT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
May 19, 2026 close
Max Pain — CMBT
Data as of market close May 19, 2026
Nearest listed expiration 2026-06-18 shows max pain at $15.00 (1.61 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$15.00
Nearest expiry
Expected Move
±$0.38
±2.3%
Days to Expiry
30
Calendar days
Total Call OI
3,027
Nearest expiry
Total Put OI
4,450
Nearest expiry
P/C OI Ratio
1.47
Put-heavy
Spot Price
$16.61
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
$12.50
4/17/2026, 11:07:59 PM
2026-05-15
$12.50
5/15/2026, 11:03:31 PM
2026-06-18NextUpdated
$15.00
5/19/2026, 11:07:48 PM
2026-08-21
$12.50
5/19/2026, 11:07:48 PM
2026-11-20
$2.50
5/19/2026, 11:07:48 PM
2027-01-15
$10.00
5/19/2026, 11:07:48 PM
Selected expiration: 2026-06-18 at max pain $15.00.
CMBT pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
5008500
5008500
7.5
2500
2762000
2764500
10
3750
1639000
1642750
12.5
18000
516000
534000
15
50000
0
50000
17.5
403250
0
403250
20
1523250
0
1523250
25
3916750
0
3916750
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.