This page reflects CMI 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 — CMI
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $560.00 (109.87 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$560.00
Nearest expiry
Expected Move
±$65.50
±9.8%
Days to Expiry
29
Calendar days
Total Call OI
6,000
Nearest expiry
Total Put OI
4,097
Nearest expiry
P/C OI Ratio
0.68
Put-heavy
Spot Price
$669.87
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
$560.00
4/17/2026, 11:07:51 PM
2026-05-15
$620.00
5/15/2026, 11:09:28 PM
2026-06-18NextUpdated
$560.00
5/20/2026, 11:07:27 PM
2026-07-17
$650.00
5/20/2026, 11:07:27 PM
2026-09-18
$540.00
5/20/2026, 11:07:27 PM
2026-12-18
$700.00
5/20/2026, 11:07:27 PM
2027-03-19
$620.00
5/20/2026, 11:07:27 PM
Selected expiration: 2026-06-18 at max pain $560.00.
CMI pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
140
0
158476500
158476500
145
500
156428500
156429000
150
1000
154382000
154383000
155
1500
152336000
152337500
160
2500
150293500
150296000
170
5500
146215500
146221000
175
8000
144187000
144195000
180
10500
142159500
142170000
185
13500
140136500
140150000
190
17000
138115000
138132000
195
20500
136093500
136114000
200
24500
134103000
134127500
210
33500
130133000
130166500
220
43500
126163000
126206500
230
54500
122193000
122247500
240
66500
118234000
118300500
250
80500
114275000
114355500
260
99500
110351000
110450500
270
120500
106456000
106576500
280
143500
102572000
102715500
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.