This page reflects CNH 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 — CNH
Data as of market close May 20, 2026
Nearest listed expiration 2026-06-18 shows max pain at $10.00 (0.46 below spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$10.00
Nearest expiry
Expected Move
±$0.95
±9.1%
Days to Expiry
29
Calendar days
Total Call OI
14,751
Nearest expiry
Total Put OI
4,846
Nearest expiry
P/C OI Ratio
0.33
Put-heavy
Spot Price
$10.46
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
$10.00
4/17/2026, 11:06:11 PM
2026-05-15
$10.00
5/15/2026, 11:11:15 PM
2026-06-18NextUpdated
$10.00
5/20/2026, 11:07:23 PM
2026-09-18
$10.00
5/20/2026, 11:07:23 PM
2026-12-18
$10.00
5/20/2026, 11:07:23 PM
2027-01-15
$10.00
5/20/2026, 11:07:23 PM
Selected expiration: 2026-06-18 at max pain $10.00.
CNH pain by strike for 2026-06-18 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
3666000
3666000
5
10750
2454500
2465250
7.5
22500
1243000
1265500
10
42000
44250
86250
12.5
100500
18000
118500
15
1396500
3500
1400000
17.5
5057000
2250
5059250
20
8719750
1250
8721000
22.5
12407500
500
12408000
25
16095250
0
16095250
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.