This page reflects CMC 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 — CMC
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $65.00 (6.08 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$65.00
Nearest expiry
Expected Move
±$7.00
±9.8%
Days to Expiry
29
Calendar days
Total Call OI
3,248
Nearest expiry
Total Put OI
1,460
Nearest expiry
P/C OI Ratio
0.45
Put-heavy
Spot Price
$71.08
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
$65.00
4/17/2026, 11:08:02 PM
2026-05-15
$67.50
5/15/2026, 11:08:26 PM
2026-06-18NextUpdated
$65.00
5/20/2026, 11:08:55 PM
2026-07-17
$70.00
5/20/2026, 11:08:55 PM
2026-09-18
$65.00
5/20/2026, 11:08:55 PM
2026-11-20
$55.00
5/20/2026, 11:08:55 PM
2026-12-18
$60.00
5/20/2026, 11:08:55 PM
Selected expiration: 2026-06-18 at max pain $65.00.
CMC pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
30
0
4741250
4741250
35
1000
4012750
4013750
37.5
1500
3648500
3650000
40
2000
3284500
3286500
42.5
2500
2921250
2923750
45
3250
2559250
2562500
47.5
4250
2197250
2201500
50
7500
1835750
1843250
52.5
10750
1476000
1486750
55
16000
1118250
1134250
57.5
22500
854250
876750
60
29500
593250
622750
62.5
42250
337500
379750
65
68500
93750
162250
67.5
114250
54750
169000
70
167500
23250
190750
72.5
457250
10250
467500
75
762000
1750
763750
77.5
1322500
1250
1323750
80
1895250
750
1896000
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.